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240,000,000 DOGE in a Week: Where Is Dogecoin Headed Next?
Whales now control around 12% of Dogecoin’s circulating supply.
ByDimitar Dzhondzhorov
The OG meme coin has performed poorly over the past seven days, with its valuation down 9% and currently trading at approximately $0.08. However, whales have used this as an opportunity to buy at lower price levels, potentially setting the stage for a rebound.
Analysts believe DOGE may have reached a critical turning point, with some expecting a major rally ahead.
Plenty of Bullish Factors
The popular X user Ali Martinez revealed that large investors have accumulated more than 240 million DOGE over the past week. The USD valuation of the stash is almost $20 million, and these market participants now control nearly 19 billion units, or 12% of Dogecoin’s circulating supply.
“Large holders continue buying the dip, suggesting confidence may be building ahead of the next potential rebound,” Martinez said.
The whales’ activity is only one of the elements signaling that DOGE could be gearing up for a move north. The asset’s Relative Strength Index (RSI) has fallen to the extreme oversold territory of 9. The technical analysis tool runs from 0 to 100, where anything below 30 is considered a buying opportunity, while ratios above 70 are typically viewed as warnings for an impending correction.
Dogecoin’s exchange netflow should also be mentioned. Over the last few weeks, outflows have significantly outpaced inflows, suggesting that investors have shifted from centralized platforms toward self-custody, thereby reducing immediate selling pressure.
The Recent Predictions
X user Trader Tardigrade argued that DOGE has been moving inside an ascending channel and has bounced “perfectly off the lower trendline support for the second time.” That said, the analyst set the next “easy target” at $0.093.
Before that, the analyst maintained that the meme coin had formed a potential cup-and-handle structure where “a clean breakout” above the handle could lead to a spike to the $0.10 psychological level and “restart momentum.”
Source: cryptopotato.com