Key Takeaways:
- Dogecoin whale wallets increased by 62 (1.24%) since February
- Active addresses hit 4-month high despite price decline
- Current DOGE price: $0.166, up 4% weekly
In a significant development for the Dogecoin ecosystem, on-chain data reveals a substantial increase in large-scale holders, commonly known as ‘whales,’ potentially signaling an upcoming price movement for the popular meme cryptocurrency.
Whale Accumulation Analysis
According to data from analytics firm Santiment, addresses holding over 1 million DOGE tokens (approximately $166,600) have shown a marked increase since February. This surge comes despite the overall bearish trend in DOGE’s price, suggesting strategic accumulation by wealthy investors.
The increase of 62 new whale wallets represents a 1.24% growth in major holders, approaching levels last seen during January’s peak. This accumulation pattern often precedes significant price movements, as evidenced by historical Dogecoin price patterns.
Network Activity Surge
Perhaps more telling is the concurrent spike in active addresses, reaching a 4-month high. This increased network activity, combined with whale accumulation, suggests growing market interest at current price levels.
Market Implications
The combination of increased whale activity and network usage often precedes significant price movements. Historical data shows that similar patterns have led to price rallies, though past performance doesn’t guarantee future results.
Technical Outlook
DOGE currently trades at $0.166, showing resilience with a 4% weekly gain. Key resistance levels lie at $0.18 and $0.20, while support remains strong at $0.15.
Source: NewsB