Dogecoin News Today: Dogecoin Whales Buy 310M DOGE in 48 Hours Amid $0.23 Support Zone

Whales have been aggressively accumulating Dogecoin (DOGE) at a staggering pace, acquiring 310 million tokens—valued at over $73 million—within 48 hours, according to recent on-chain data [1]. The largest chunk of this accumulation, 130 million DOGE, was added in just the last 24 hours, signaling a clear shift in behavior among major holders [1]. These whale wallets typically hold between 100 million and 1 billion DOGE and are often regarded as key market influencers due to their strategic buying patterns [1].

The accumulation is occurring as DOGE trades within a critical support zone of $0.22–$0.24, a level analysts have identified as a potential turning point for a bullish reversal [1]. Whale activity in this range is often interpreted as a sign of confidence, especially when combined with the formation of technical patterns such as a possible double-bottom structure near $0.23 [1]. If this support holds, the next resistance levels to watch are $0.26 and $0.31 [1].

Off-exchange activity has also been on the rise, with a noticeable drop in exchange reserves and a surge in transfers to cold wallets [1]. This trend is commonly seen as a precursor to price appreciation, as it suggests a reduction in near-term selling pressure and a shift toward long-term holding strategies [1]. The broader altcoin market is also showing renewed interest, with whale behavior acting as a leading indicator of sentiment shifts [1].

While whale accumulation is typically viewed as a bullish signal, it is not a guarantee of price movement. Analysts caution that the crypto market remains highly volatile and subject to a wide range of external factors, including macroeconomic trends, regulatory developments, and shifts in investor sentiment [1]. Moreover, whales—by their nature—can rapidly reverse positions, leading to sudden corrections if they choose to sell large blocks of DOGE.

Retail investors are advised to treat whale activity as a signal, not a directive. Independent research and risk management remain crucial, particularly in a market where sentiment can shift rapidly [1]. Investors are encouraged to evaluate DOGE’s fundamentals, such as community engagement and potential utility, alongside whale movements to form a balanced view.

The recent buying spree also raises questions about market centralization and the potential for manipulation by large holders. While whale actions can provide liquidity and stability, they also concentrate power, prompting calls for investors to verify information from multiple credible sources and avoid relying solely on speculative narratives [1].

As the Dogecoin ecosystem continues to evolve, whale behavior will remain a key area of focus. However, market observers emphasize the need to contextualize such activity within the broader and often unpredictable landscape of the crypto market [1].

Source:

[1] Dogecoin Whales Unleash Massive 310M DOGE Buying Spree: What It Means, https://coinmarketcap.com/community/articles/688b02d1ae6e567d239ca28a/