Dogecoin Whales Have Bought up Over 60 Million $DOGE in the Last 24 Hours!

Overnight, the cryptocurrency market experienced a slight decline, and many people who hold Dogecoin (DOGE) have interpreted this as an opportunity to buy

Over the last 24 hours, cryptocurrency markets have experienced a slight decline, but many Dogecoin (DOGE) holders see this as an opportunity to increase their memecoin holdings.

According to insights shared by leading market analyst Ali Martinez, whales have acquired over 60 million DOGE in the last day.

#Dogecoin whales have bought up over 60 million $DOGE in the last 24 hours! pic.twitter.com/53Z9gi0eFt

notably, Dogecoin has performed variably of late. After declining around 1.2% over the last 30 days, the price increased during the preceding week, notching gains of approximately 10.32%. The coin is showing bullish signs, with a market cap of roughly $17.6 billion and a 24-hour trading volume of $700.01 million.

Bullish Reversal Pattern In Play

CoinMarketCap data reveals that the price of Dogecoin has decreased by 2.40% over the last twenty-four hours and is currently trading at $0.1217. It reached a low of $0.1203 and a high of $0.126 throughout the twenty-four hours.

Whales play a crucial role in determining trend movements in the overall market Their buying contributes to the general cushioning of the total amount of assets in circulation, which compliments the overall growth of prices.

A bullish reversal pattern, known as a rounding bottom, is developing on the memecoin’s weekly time frame chart. This pattern shows that the bottom of a downtrend has been reached, and buyers have started accumulating Doge again.

The large accumulation of Dogecoin by whales and retail traders further confirms this pattern.

Will Dogecoin Go Up?

Dogecoin’s market cap is currently over $17 billion, despite having little practical use. Investors speculate that Elon Musk will continue to back Dogecoin. One key reason for its high valuation is that users expect DOGE to be integrated into X for various payment use cases. A similar instance occurred when Elon Musk added DOGE as a payment option for buying merchandise on the Tesla website.

The current RSI for Dogecoin reads 42.64, indicating bullishness with a slight bias toward buying pressure. RSI’s position implies that whales have been buying DOGE and are approaching a crucial point. A further increase could send RSI into a neutral zone.

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