Dogecoin

2024

Million

Daily

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According to Ali, a crypto analyst, the last five days have seen a significant level of accumulation of Dogecoin by large holders, or whales. Ali <a href="https://x.com/ali_charts/status/1797903639346081913" rel="noopener noreferrer nofollow">stated</a> that since May 30, whales have added a whopping 200 million DOGE to their holdings, indicating accumulation.
Meanwhile, the <a href="https://u.today/dogecoin-doge-holders-receive-warning-in-wake-of-this-development" rel="noopener noreferrer nofollow">Dogecoin price</a> has consolidated in a range since this date. After attaining highs of $0.174 on May 26, Dogecoin declined to trade in a range, a trend that continues to the present.
<blockquote>
 <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> whales have bought an additional 200 million <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOGE</a> since May 30! <a href="https://t.co/gjeoGWMM4R" rel="noopener noreferrer nofollow">pic.twitter.com/gjeoGWMM4R</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1797903639346081913?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 4, 2024</a>
</blockquote>
The accumulation of Dogecoin by large holders is no less surprising, given that whales typically buy during periods of declines or consolidation, with the intent to acquire at a discount.
The trend of accumulation among Dogecoin whales became noticeable in late May, with blockchain data trackers observing significant <a href="https://u.today/1353-billion-dogecoin-bought-at-doge-critical-support-details" rel="noopener noreferrer nofollow">DOGE</a> transactions from wallets and exchanges.
Ali reported that on May 31, Dogecoin whales bought over 700 million DOGE within a 72-hour time frame, worth $112 million at the time.
The massive accumulation might suggest that these whales, or large holders, might be positioning themselves for a significant price shift as the Dogecoin price consolidates.
<h2 id="dogecoin-price-action">Dogecoin price action</h2>
Currently, Dogecoin faces its next major resistance near $0.174. Ali predicts that once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322. <img alt="TradingView" data-entity-type="file" data-entity-uuid="3beae57c-97f6-4e38-9d31-5bfc1718388b" src="https://u.today/sites/default/files/inline-images/04062024%200000_0.png"><a href="https://www.tradingview.com/x/VUDEZSgD/" rel="noopener noreferrer nofollow">DOGE/USD Daily Chart, Courtesy: TradingView</a>
At the time of writing, Dogecoin was down 2.83% in the last 24 hours to $0.157. A break below the 50-day SMA at $0.1541 might swing the short-term advantage in favor of the bears, which might lead to a drop toward $0.14. Meanwhile, a possible scenario remains that of consolidation, with Dogecoin trading in a range between $0.18 and the 50-day SMA for a while.
On the other hand, if Dogecoin rebounds, the price might aim next to the $0.174 level. A sustained breach might aim for the $0.21 level in the short term.

200 Million DOGE: Here's What Dogecoin Whales Are Doing

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