Dogecoin News Today: Dogecoin Price Rises 8% on Largest Whale Buy Since 2024

Dogecoin is gaining momentum after a surge in whale buying activity, with large investors purchasing over 1 billion DOGE in the 24 hours leading up to August 6, 2025. This marks the largest single-day accumulation since 2024 and is being viewed as a potential bullish signal for the meme coin’s future price action [1]. Analyst Ali Martinez noted the increased demand and shared a follow-up on August 7 showing that whales continued to buy 230 million DOGE in the subsequent 24 hours, indicating continued confidence in the asset [1].

The price of Dogecoin has risen 8% in the past 24 hours, reaching $0.223, and has gained 8.5% on the week, 30% in the last month, and a strong 123% year-to-date [1]. Technical indicators suggest the coin is on the cusp of a major breakout. The relative strength index (RSI) for DOGE has climbed to 70, signaling a move out of oversold territory, and the moving average convergence divergence (MACD) has recently turned positive [1]. Additionally, trading volume has doubled in the past few days, rising from $1 billion to over $2 billion, reinforcing the strength of the current rally [1].

The recent price surge appears to be part of a broader crypto market rally triggered by Ripple’s $200 million acquisition of stablecoin platform Rail. While this news primarily affects Ripple and XRP, the market-wide buying sentiment has spilled over into other assets, including Dogecoin [1]. Analysts are cautiously optimistic about the coin’s long-term prospects. Martinez described the current price level as a “historically strong buy zone,” a pattern that has often preceded significant bull runs in past cycles [1]. Based on this analysis, he suggested DOGE could reach $0.30 by the end of the month and potentially rise to $1 by the end of the year [1].

Despite Dogecoin’s strong performance, some analysts argue that newer meme coins could outperform it in the coming months, particularly those in early stages of development. Tokens such as Maxi Doge (MAXI) have drawn attention for their high-growth potential, especially given their presale model and community-driven approach [1]. However, these developments are beyond the scope of the current analysis focused on DOGE.

The accumulation of Dogecoin by large investors is a notable event in the cryptocurrency market, as whale buying is often seen as a leading indicator of price direction. With DOGE already showing signs of a breakout, the market is watching closely to see whether this activity translates into a sustained upward trend.

Source: [1] Dogecoin Price Prediction: Biggest Whale Buy Since 2024 – Could This Be the Smart Money Signal? (https://cryptonews.com/news/dogecoin-price-1-billion-doge-prediction/)