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Cryptocurrency News Articles
Dogecoin (DOGE) Whales Are Back: 1.4 Billion DOGE Buying Spree Signals Potential Breakout
Sep 29, 2024 at 05:57 am
Dogecoin (DOGE) whales are back, grabbing the spotlight in the crypto sphere with a recent 1.4 billion DOGE buying spree.
Dogecoin (CRYPTO: DOGE) whales are making waves with a recent 1.4 billion DOGE buying spree.
Chart expert Peter Brandt spotted a technical pattern that could indicate a potential breakout on the horizon.
DOGE whales are back in the spotlight, grabbing attention with a recent buying spree of 1.4 billion DOGE tokens.
This massive buy comes as chart expert Peter Brandt spots a technical pattern that indicates a potential breakout on the horizon.
Breaking Down the Whale Activity
According to crypto analyst Ali Martinez, who shared the news on X (aka Twitter), the recent buying activity among Dogecoin whales is hard to miss.
Some Dogecoin whales are showing a renewed appetite for the meme coin, scooping up a total of 1.4 billion DOGE tokens, an amount valued at roughly $140 million.
This large-scale accumulation of DOGE tokens by whales is often indicative of increased interest from institutional or deep-pocketed investors. Such interest can boost Dogecoin’s liquidity and provide impetus for a bull run.
Moreover, the accumulation suggests that these large players are anticipating further price increases in the near future.
Chart Expert Highlights Technical Pattern
Meanwhile, legendary trader Peter Brandt observed that Dogecoin is breaking out of a descending channel.
In technical jargon, a descending channel is formed when a crypto charts a series of lower highs and lower lows.
Notably, the meme-inspired crypto has been trading in a falling channel for about half a year.
Before the descending channel, DOGE had been moving inside a horizontal channel between the $0.05 lower trend line and $0.1181 for two years — from July 2022 to July 2024 — before topping 21 cents in March.
As such, a potential upside break of this falling channel could be considered a sign of a long-term bearish-to-bullish trend change.
“Get along, little doggie,” Brandt summarized.
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