Dogecoin Sees 868% Spike In Whale Buys, Bulls Ready For Breakout Rally
July 13 2024 - 12:30PM
NEWSBTC
Dogecoin (DOGE) whales are gearing up for a bullish reversal for
the foremost meme coin. On-chain data shows that these whales have
regained their confidence in Dogecoin and are accumulating more
DOGE ahead of a potential rally for the meme coin. Related
Reading: 6,400 Ethereum Mystery Move Sparks ETH Rally Talk Pre-ETF
Nod Dogecoin Whale Accumulation Spikes By 868% Data from the
on-chain analytics platform IntoTheBlock shows that Dogecoin whales
bought 364.38 million DOGE on July 10, representing an 868% surge
from the previous day when these large holders offloaded 37.05
million DOGE. This accumulation trend continued on July 12 when
these whales bought 114.71 million DOGE. These whales are
believed to be accumulating Dogecoin ahead of a potential breakout
rally for the foremost meme coin. DOGE looks well primed for such,
especially with several on-chain metrics turning bullish for the
meme coin. Data from IntoTheBlock shows that most holders are again
in the money, meaning there is unlikely to be significant selling
pressure going forward. The ‘In The Money’ metric also shows
that the $0.10 support level was a crucial support level that
Dogecoin bulls needed to hold, which they did. A bullish reversal
is likely at this point, with the bears looking worn out. Other
metrics like the bid-ask volume imbalance and smart price also
paint a bullish picture for Dogecoin. It is also worth mentioning
that Dogecoin looks set for a breakout rally because of its strong
positive price correlation with Bitcoin. With the flagship crypto
making an impressive recovery and looking to reclaim $60,000, the
foremost meme coin could also make a run of its own and rise to new
highs. Crypto analyst Kevin (formerly OG Yomi) also confirmed
that Dgecoin’s rally will depend on Bitcoin’s price movement from
here. He stated that the meme coin should bounce from this level
and “attack the highs sooner rather than later” once a continuation
of a bull market is confirmed. The analyst had previously predicted
that Dogecoin could rise to as high as $3 in this market
cycle. Not Looking Good But About To Get Better Crypto
analyst Altcoin Sherpa recently admitted that things aren’t looking
too good for Dogecoin at the moment but added that the meme coin
will do “big numbers” later this year. The crypto analyst had
previously predicted that the meme coin would eventually rise to $1
in this cycle and claimed that investing in Dogecoin was one of the
“safest bets” anyone could make in this bull run. Related
Reading: Is Altcoin Season Around the Corner? Bitcoin Halving
Points to Potential Boom, Analyst Reveals Crypto analyst Andrew
Kang also recently made a bullish case for Dogecoin, stating that
meme coins like DOGE account for most altcoins that are likely to
make new highs by the end of this year or the beginning of 2025.
Crypto analyst Crypto Kaleo had also previously predicted that
Dogecoin would enjoy a significant rally by December of this year
or early next year. Featured image from Reddit, chart from
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