Dogecoin (DOGE) Whales Have Been Accumulating, Spearheading a Remarkable Price Resurgence

DOGE has been on a bullish recovery streak, propelled by a wave of large whale accumulation. In the last two weeks, affluent investors have increased their DOGE buying

Dogecoin (CRYPTO: DOGE) has been displaying bullish strength with the help of large-scale buying activity from whales, leading to a recovery in recent weeks.

Here's a look at what happened and what it means for Dogecoin investors.

What Happened: According to cryptocurrency analyst Ali Martinez, large holders have been buying up large amounts of Dogecoin. Over the last two weeks, whales purchased over 200 million memecoin tokens.

At an average price of $0.196, the large holders invested a total of $38.7 million in Dogecoin. The purchases come after Dogecoin hit a 52-week low of $0.146 in mid-March.

On-chain data from IntoTheBlock shows that large investors make up a large portion of the Dogecoin ecosystem. Whales hold over 41% of the coin's circulating supply.

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The last 24 hours saw an increase of 41.12% in large transactions, which are typically defined as $100,000 or more in value. The increase in transactions could be a sign of more whale activity and confidence in the market.

Data from Coinglass shows that over 71% of top trader accounts, which are defined as having the largest margin balances, are long on Dogecoin. The high percentage could be a sign that traders are expecting more price appreciation and there is renewed interest in the coin.

Dogecoin is also seeing an increase in open interest (OI) which is a key indicator of speculative interest. Over the last week, Dogecoin's OI is up 7.88% to a three-week high of $1.98 billion. The increase could be a sign that traders are placing leveraged wagers on further price movement and helping to propel the rally.

What Remains: Dogecoin trades at $0.2014 at the time of writing, up 9.96% over the last 24 hours. Despite its recent resurrection!, Dogecoin remains 38% year-to-date.

With whale activity remaining high and investor sentiment increasing, the world of crypto will be watching to see what happens next with Dogecoin.

Can the memecoin continue its bullish run and move to even higher price levels or will volatility in the markets have other plans? The coming weeks could be crucial in determining if the recent surge is the beginning of a sustained uptrend or if it's another temporary spike in the volatile journey of Dogecoin.