Time to Buy DOGE? Whales Buys 250 Million Dogecoin

Dogecoin (DOGE), the world’s largest meme coin, has gained notable consideration from crypto fans throughout the current market dip. On December 21, 2024, a distinguished crypto professional posted on X (previously Twitter) that crypto whales have amassed a big 250 million DOGE in current days.

Whales purchase 250 million DOGE

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Present worth momentum

In the meantime, the affect of this substantial accumulation is presently mirrored within the DOGE worth. In keeping with CoinMarketCap, the meme coin is up greater than 25% previously 48 hours. It’s presently buying and selling round $0.32, up 8% within the final 24 hours.

Regardless of these notable positive aspects, long-term holders look like regularly accumulating the token, as reported by the on-chain analytics firm MintGlass. DOGE spot influx/outflow information reveals that the exchanges have witnessed important DOGE outflow price $519.19 million within the final seven days.

Outflows are an on-chain metric that signifies the withdrawal of property from exchanges to the wallets of long-term holders. This may occasionally point out upside momentum and signifies a great shopping for alternative.

Dogecoin (DOGE) Technical Evaluation and Upcoming Degree

In keeping with professional technical evaluation, the meme coin is presently dealing with robust resistance close to the $0.346 degree. Based mostly on current worth motion, if DOGE breaks this resistance and closes a every day candle above $0.36, there’s a robust risk that the value may rise by 25% to succeed in the subsequent resistance degree of $0.44 within the close to future.

On the upside, DOGE’s Relative Power Index (RSI) presently stands at 37.85, indicating a robust risk of upside momentum within the coming days.