Dogecoin (DOGE) Finds Its Feet Despite the Market Bloodbath, Whales Have Been Accumulating

The world’s largest memecoin has seen its share of losses this year. But despite that, Dogecoin appears to have found ground at the $0.15 - $0.16 margin.

Currently, $DOGE trades at $0.1681 with a market capitalization of $24.97 billion, according to CoinMarketCap. The memecoin is at a 2.66% deficit over the last 24 hours - but has shown incredible resilience at the current level.

Over the past week, DOGE’s 7-day chart reflects a slightly more optimistic trend, with a 2.12% increase.

Despite losing 60% of its value from its January 17 peak of $0.43, Dogecoin has held above the $0.15 margin. Buyers seem to dismiss the possibility of the memecoin dropping below its pre-‘Trump Pump’ price from last November.

Since hitting the price of $0.143 on March 10, Dogecoin has refused to go further down. From there onwards, buyers were able to stabilize the value of the token, effectively leading DOGE to enter a consolidation period.

Whales Stocking up on DOGE?

According to social media crypto analyst Ali Martinez, high-net-worth investors have been accumulating $DOGE amidst this downward period.

In this post, Martinez highlights how investors holding one million to ten million DOGE tokens have increased their holdings since March 5. In total, whales accumulated 110,000,000 DOGE, potentially hinting that these investors believe in a rebound.

Following a consolidation period like the one seen since March 10, liquidity appears to be building up as trading activity increases. This suggests that Dogecoin is establishing a strong support level, potentially setting the stage for a new attempt at higher margins.

Our daily DOGE analysis touched on the subject of the potential for Dogecoin’s pump, as the price nears an important demand zone. While it remains uncertain, a breakout could materialize if buying pressure continues to grow, backed by increased whale activity.

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