Dogecoin (DOGE) Price Soars After MEME Coins Inc. Buys 1 Billion Tokens

Dogecoin (DOGE) continues to be in the spotlight in the crypto space, with MEME Coins Inc., a subsidiary of Dogecoin Cash, Inc., announcing that it has purchased one billion DOG tokens from Tipestry, Inc.

Dogecoin (DOGE) has continued to be in the spotlight in the crypto space, with subsidiary of Dogecoin Cash, Inc., MEME Coins Inc., announcing that it has purchased one billion DOG tokens from Tipestry, Inc., leading to a Dogecoin price surge.

This news comes amid an increasing degree of institutional interest in meme-driven digital assets, as well as their new place within the blockchain ecosystem. The transaction, completed through the purchase of preferred shares, increases the total DOG holdings of MEME Coins Inc. to 2.02 billion DOGE and diversifies its influence in this segment.

After the announcement, prices soared in response to the whale-sized purchase, resulting in a significant Dogecoin price surge.

Some traders think this is a positive development, as it shows confidence in DOGE despite the market adjusting to the news. Other traders are more cautious, particularly regarding liquidity and stability. Social media discussions, along with on-chain data, are showing increased whale activity, which is just leading to more questions and speculation about the next days, weeks and months regarding DOGE.

If market sentiment about the purchase remains bullish, we may see upward price action fueled by retail and institutional purchasing. If traders harvest profits, we could see short-term selling. As the overall crypto market adjusts to the acquisition, some key technical indicators and resistance levels will stand out in the analysis.

The market was in a bullish mood at the beginning of the March 23 trading session, with a modest uptrend channel. A death cross appeared at 03:15 UTC, which caused a minor price correction. Nonetheless, the upward trend channel persists. A golden cross that emerged at 05:45 UTC increased the bullish momentum and drove prices higher.

A price correction was indicated around 8:10 UTC by the appearance of a death cross and an RSI overbought signal. However, the purchase side swiftly overcame the negative signal and kept the market rising. The coin values moved into a trading zone by 16:45 UTC, with the important resistance and support levels being $0.175 and $0.169, respectively.

Chart 1, Analyzed by Alokravantmedia

With sporadic sell-side opposition, the prices in the new trading zone maintained their upward trajectory. At 18:35 UTC, a clear golden cross emerged, igniting a powerful bull run and adding more purchasing momentum. Soon after, the prices start to move in the direction of the new resistance level. The prices briefly hit the resistance level at the beginning of the new trading day on March 24 before a death cross materialized around 1:00 UTC. By 02:15 UTC, a golden cross had formed, and the price had swiftly rebounded from its decline to $0.171. This time, the bullish momentum entered a new trading area and pushed for a breakout.