Dogecoin Whale Made Another Splash in the Crypto Market

Crypto market analyst, Ali Martinez, has revealed that Dogecoin (CRYPTO: DOGE) whales have bought 200 million coins in the last 14 days.

What Happened: Whales have been busy accumulating large amounts of Dogecoin, highlighting a positive market sentiment despite recent price volatility, Martinez said in a recent post on X.

“Whales have accumulated >200 million #Dogecoin $DOGE in the past two weeks, showing strong confidence despite recent volatility,” he stated.

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This massive buying activity comes as Dogecoin recovered from the $0.15 level on March 11 to trade at $0.19 on March 25, showcasing a nearly 25% surge in two weeks.

The crypto behemoths’ strategic moves are crucial for traders and investors who are now anticipating a potential surge in the price of Dogecoin.

As the price of cryptocurrencies is largely driven by market forces of supply and demand, increased accumulation activity from whales could be seen as a bullish signal. It indicates that there is a strong interest in the cryptocurrency, which could lead to higher buying pressure and, consequently, potential upward price movement.

What Next For Dogecoin: At press time, Dogecoin is trading at $0.2045, showing an increase of 9.46% in the 24-hour trading volume to $2.03 billion. The crypto’s market cap is now at $29.49 billion.

Its weekly chart shows a gain of about 14%, aligning with the reports of massive buying activity in recent days. A slew of market watchers are placing their bets on further upside potential, considering the stellar accumulation activity and other market dynamics.

Another crypto analyst, known as ‘Trader Tardigrade,’ shared a bullish view on Dogecoin.

According to the analyst, Dogecoin is completing the last stage of Cycle 3, which could signal a major surge in the price of the crypto.

“#Dogecoin is finalizing the last stage of Cycle 3 🔥Don't miss out on $Doge 🚀,” he wrote.