A new trend of whale investors buying Dogecoin (DOGE) in the last 72 hours is raising hopes for a price surge. While the Dogecoin price has not changed positively lately, these large investors have bought nearly 2 billion DOGE meme coins, which could mean they are preparing for a potential price increase.
Dogecoin Whales Accumulate 1.7 Billion DOGE – Is a Big Move Coming?
According to analyst Ali (@ali_charts), the largest holders of Dogecoin ($DOGE) have purchased 1.7 billion DOGE, approximately $285 million, within the past 72 hours, suggesting strong conviction in the meme coin’s potential.
Whale activity of such scale typically precedes an imminent direction switch of the market as those large players usually accumulate before a price increase.
Historically, intense whale accumulation has presaged bullish price action for Dogecoin since fewer tokens are available for retail traders, reducing selling pressure.
If demand continues to rise, this can result in a supply shock, pushing DOGE’s price higher. However, if these whales are accumulating to dump at a better price, this can result in short-term volatility instead. Traders are now waiting for a breakout above significant resistance levels to confirm a bullish trend.
Nevertheless, the long-term outlook for the Dogecoin price is optimistic. The same analyst, Ali, pointed to a critical level for Dogecoin ($DOGE), observing that if the coin maintains support at $0.17, it will spark a massive rally.
DOGE Price Holding Key Support at $0.17
Based on long-term trend channels, Ali’s analysis from March 8 indicates that a rebound from this level could push DOGE as high as $2.74—a massive gain of over 1,500% from its current price. This projection aligns with historical price movements, in which DOGE has respected similar trend lines in the past.
The chart shared by Ali suggests that the Dogecoin price is trading within an ascending parallel channel, a structure that has guided its price since 2015. The lower boundary of this channel, currently near $0.17, acts as strong support.
If DOGE continues to respect this trend, it could trigger a new bullish cycle, with Fibonacci extensions hinting at a long-term price target above $2. However, a breakdown below this support could invalidate the bullish outlook, leading to further downside.
At the time of writing, Dogecoin (DOGE) is changing hands for $0.1663, a drop of 13.89% in the last 24 hours and over 25% in the past week.
This decline comes as the global cryptocurrency market lost 4.49% of its value in one day. Bitcoin (BTC) and other major altcoins have also seen significant losses over the past 24 hours, with Bitcoin currently trading at $82,900.
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