Dogecoin (DOGE) whales are making an intriguing comeback to the market, per a recently spotted on-chain acquisition move. As spotted by top market analyst Ali Martinez on X, DOGE whales have acquired one billion DOGE in the past 24 hours.
Dogecoin whales’ rebirth
Considering the current bearish state of the crypto market, it remains intriguing to see sustained interest in a particular crypto project. Since the start of October, the broader digital currency ecosystem plunged into a bearish reversal mode as geopolitical tensions in the Middle East spooked the global financial ecosystem.
For October, Dogecoin’s price dropped by 5.89%. However, its current price shows that the negative trend is reversing. As of writing, the price of DOGE 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 1 billion $DOGE in the last 24 hours, totaling roughly $108.7 million! pic.twitter.com/2aSevCd7Lm
— Ali (@ali_charts) October 4, 2024
Based on Ali Martinez’s insights, the total DOGE bought has topped $108 million in 24 hours. Apparently, whale investors saw the price dip of the past few days as a major discount that can help them gain more exposure to the coin.
As observed in the past few months, Dogecoin whales are particularly known to take advantage of this pricing trend.
DOGE price to $0.20?
In the heat of the latest sell-off, the price of DOGE lost one zero and traded as low as $0.08937. However, the quick recovery in the price of the meme coin shows a more ambitious growth push ahead.
Dogecoin’s price now has a new target of $0.20, a level the coin has not retested since April of this year. Should the whale embrace continue, attaining this level in the coming weeks will remain feasible.
For now, DOGE’s price has kept its growth ahead of key rivals like Shiba Inu, a promising sign that more is ahead.
