Dogecoin Whale Buys 470 Million DOGE, Will DOGE Price Rise?

Bittime - Dogecoin whale carried out a massive buying action of 470 million DOGE, amidst the bullish recovery of the DOGE market. 

This massive buying action has also sparked speculation about whether DOGE prices will rise in the near future. Read this article to find out more!

Dogecoin Whale Buys 470 Million DOGE

Crypto analyst Ali Martinez revealed on January 11, 2025 that Dogecoin whales bought over 470 million DOGE in the last 48 hours, worth around $155 million based on current market prices.

Buying action This massive signifies growing interest in Dogecoin, which often influences market sentiment. 

Ali Martinez pointed out that whale wallets with holdings of 10 million to 100 million DOGE experienced a significant increase from the end of December 2024 to the beginning of January 2025.

Read Also: Dogecoin Whale Transfers Hundreds of Millions of DOGE to New Wallet  

Buying Action by Dogecoin Whale 

Not only 470 million DOGE, in the last 7 days, Dogecoin whales have also bought more than 1 billion DOGE. This large purchase occurred at prices between $0.314 to $0.355, when the price of DOGE experienced a slight decline.

Dogecoin previously surged to prices above $0.4 in 2024, but a sharp correction brought DOGE prices back to around $0.3. 

Now, the trend of buying large amounts of Dogecoin by whales also provides optimism about the bullish recovery of this crypto asset in the near future.

Dogecoin Whale and Breakout Potential

According to crypto analyst Javon Marks, Dogecoin is currently forming a pattern Descending Wedge, which is often a bullish signal. 

Descending Wedge is a technical pattern that indicates a possible reversal or continuation of an uptrend. If Dogecoin manages to break through the upper limit of this pattern, DOGE prices are predicted to rise significantly.

Marks estimates that a breakout of this Descending Wedge pattern could bring Dogecoin to a new high, with a potential increase of up to 120%. DOGE price is predicted to jump from $0.33 to $0.739.

Read Also: How Much Did $DOGE First Appear?  

Dogecoin FAQs

What is Dogecoin?

Dogecoin is a meme coin created in 2013 by Billy Markus and Jackson Palmer. Originally created as a joke, Dogecoin has now become one of the most popular crypto assets with a large and active community.

What is the Difference Between Dogecoin and Bitcoin?

Dogecoin has an unlimited supply, while Bitcoin has a maximum supply of 21 million coins. In addition, Dogecoin transactions are faster and have lower fees than Bitcoin, making them more suitable for everyday payments.

What is the use of Dogecoin?

Dogecoin is often used for online tipping, charitable donations, and micropayments. Apart from that, the community is also active in supporting social projects.

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Reference

News BTC, Dogecoin Whales Go on 470 Million DOGE Buying Spree Amid Bullish Recovery In Major Metrics, accessed January 13, 2025.

Author: IPR