Dogecoin Whales Accumulate 100M Tokens Amid 2.5% Daily Gain

Dogecoin holders have been actively accumulating more DOGE tokens, with whales purchasing over 100 million DOGE in the past week. This buying spree coincides with a broader recovery in the cryptocurrency market, where meme coins and other altcoins have seen significant gains. The accumulation by whales has heightened market sentiment, particularly as investors anticipate upcoming U.S. macroeconomic events that could further influence price movements.

Crypto whales have been strategically buying DOGE tokens, taking advantage of the recent double-digit gains in meme coins. This buying pressure is driven by the expectation of an impending rally, as the wider market shows signs of recovery. Institutional inflows and slow retail outflows have contributed to Dogecoin's positive metrics, with net exits from centralized exchanges being curtailed. This has boosted trader confidence, although other altcoins like Ether, Solana, and XRP have experienced mild outflows, raising concerns about profit-taking.

Currently, DOGE is trading at approximately $0.1792, with a 2.5% growth over the past day and a stronger weekly average. The daily volume has spiked, driving the market cap to $26.7 billion. Several traders have set a short-term target above $0.3, aiming for a rally. Expert trader Ali Martinez highlighted that an upsurge above $0.2 could trigger an all-time high if institutional demand remains high. Martinez noted, “DOGE can secure a monthly close above $0.20, which could pave the way for a rally toward its all-time high of $0.74. Such a breakout would signal strong bullish momentum and potentially attract increased investor interest.”

The Dogecoin community has also been abuzz with speculation about the potential approval of a spot ETF in the United States. According to data, spot DOGE ETFs have an 80% approval chance, with a final deadline set for October 17. This news has added to the bullish sentiment surrounding DOGE, as investors anticipate regulatory developments that could further boost the cryptocurrency's value.

Meme coins, including DOGE, have historically traded in line with Bitcoin sentiments and are often linked to low utility compared to top crypto assets. The recent rally in DOGE has led to a similar movement in other meme coins, with the total market cap gaining $12 billion daily and huge daily trading volumes. Top assets like Shiba Inu, PEPE, and Official Trump have seen over 7% inflows in the past week, reflecting the broader bullish trend in the meme coin sector.

The accumulation of DOGE by whales is a significant indicator of market sentiment, as these large holders often have the resources and influence to drive price movements. The current consolidation phase for DOGE provides an opportunity for bulls to gather strength, potentially leading to a breakout towards the targeted price of $0.30. However, it is important to note that cryptocurrency markets are inherently volatile, and price movements can be influenced by a variety of factors, including regulatory developments, technological advancements, and broader market trends. The target price of $0.30, while ambitious, reflects the optimism among some investors regarding the potential for further growth in the value of DOGE. As the market continues to evolve, the actions of whales and the sentiment of bullish investors will play a crucial role in shaping the future trajectory of DOGE and other cryptocurrencies.