Amid the ongoing market uncertainty, Dogecoin (DOGE), the popular meme coin, is poised for a massive upside rally as it has garnered widespread attention, with crypto whales strongly betting on it. Recently, a prominent crypto expert posted on X (formerly Twitter) that whales have accumulated a significant 560 million DOGE in the past week.
Crypto Whales Buy 560 Million DOGE Coins
The post on X also stressed that this significant accumulation comes after an intense sell-off, which is currently signaling growing interest from long-term holders, whales, and investors. In addition, whales and long-term holders have been consistently found accumulating the tokens.
Data from Coinglass’s spot inflow/outflow metrics revealed that exchanges have witnessed an outflow of $13 million worth of DOGE, indicating potential accumulation and the possibility of buying pressure.
However, despite substantial accumulation, the DOGE meme coin hasn’t witnessed any major gains or buying pressure.
Traders Rising Interest
Besides the strong accumulation by whales and long-term holders, intraday traders seem bullish on the meme coin today, February 1, 2025. At press time, the DOGE Long/Short ratio stands at 1.05, indicating strong bullish sentiment among traders.
With all these on-chain metrics, the DOGE meme coin appears bullish, and this could support the coin in gaining a massive upside rally.
Dogecoin (DOGE) Technical Analysis and Upcoming Level
According to expert technical analysis, DOGE appears bullish as it seems to be forming a bullish double-bottom price action pattern on the daily time frame.
Based on the recent price action and historical momentum, if DOGE holds above the $0.31 level, there is a strong possibility it could soar by 25% to reach the $0.415 level in the coming days.
DOGE is currently trading near $0.33 and has experienced a modest price drop of 0.25% in the past 24 hours. During the same period, its trading volume increased by 35%, indicating heightened participation from traders and investors compared to previous days.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed