Dogecoin (DOGE) whales are making an interesting comeback, according to a recently spotted on-chain takeover move. As noted by prominent market analyst Ali Martinez on X, DOGE whales have acquired 1 billion DOGE in the past 24 hours.
Dogecoin whales come back to life
Given the current bearish state of the cryptocurrency market, it remains interesting to see sustained interest in a particular crypto project. Since the beginning of October, the broader crypto ecosystem has slipped into a bearish reversal mode as geopolitical tensions in the Middle East have raised concerns in the global financial ecosystem.
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For October, Dogecoin price has declined by 5.89%. However, its current price shows that the negative trend is reversing. At the time of writing, DOGE price has jumped by 1.79% in 24 hours to $0.1078. With the new bullish trend, it remains impossible to separate the role of Dogecoin whales in driving this trend.
#Dogecoin whales bought over $1B worth of DOGE in the last 24 hours, totaling around $108.7M! pic.twitter.com/2aSevCd7Lm
— Ali (@ali_charts) October 4, 2024
According to Ali Martinez’s insights, the total DOGE purchased has surpassed $108 million in 24 hours. Apparently, whale investors saw the price drop of the past few days as a significant discount that could help them gain more exposure to the coin.
As noted in the past few months, Dogecoin whales are known to particularly benefit from this pricing trend.
DOGE price to $0.20?
Amidst the recent sell-off, DOGE price lost one zero and traded as low as $0.08937. However, the rapid recovery in the meme coin price shows a more ambitious growth momentum ahead.
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Dogecoin now has a new target at $0.20, a level that the coin has not tested since April of this year. If the whale embrace continues, reaching this level in the coming weeks remains possible.
Currently, DOGE price has maintained its growth ahead of major competitors like Shiba Inu, which is a promising sign that more is to come.
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