DOGE Price Ships to 2-Month High: How Bullish Are Whales and Traders?

TL;DR

The recent resurgence of the cryptocurrency market has disproportionately benefited certain assets, with Dogecoin, the leading meme coin, standing out as a prime example.

Dogecoin's price has surged to a two-month high, accompanied by significant accumulation from whales and the opening of substantial long positions by large traders.

Data indicates a considerable increase in holdings by large DOGE holders, exceeding one billion coins within a mere 48-hour period. This translates to a value of over $250 million based on current prices.

This accumulation coincides with a remarkable price surge for the original meme coin. After successfully rebounding from a crucial support level of $0.19 earlier in the week, DOGE experienced a significant rally, surpassing $0.25 and reaching its highest price point since the second week of May.

Furthermore, Dogecoin's price has appreciated by over 80% since its low point on June 23.

In addition to spot buying by whales, large leverage traders have also capitalized on the upward momentum. Reports indicate that one anonymous whale closed a long DOGE position at the peak, securing a profit exceeding $2 million. Subsequently, they re-entered the market with a new long position valued at over $21 million, leveraging 10x on the meme coin.

From a technical perspective, analysts suggest that Dogecoin is positioned for a potential surge to $0.36 or even $0.54, contingent upon maintaining its position above the critical support level at $0.2.