Dogecoin (DOGE) Whales Have Been Buying the Dip, Pushing Prices 26% Higher

Based on reports from crypto market analysts, Dogecoin has caught investors' attention with a significant whale buying trend.

Dogecoin (CRYPTO: DOGE) has caught the attention of investors with a significant whale buying trend, according to crypto market analysts.

What Happened: Crypto market analyst Ali Martinez revealed that major investors have purchased 200 million Dogecoin tokens in just two weeks, a move that has sent ripples through the cryptocurrency market.

Investors are watching closely as large Dogecoin holders make substantial moves. The token has seen a remarkable price jump from $0.148 to $0.185 between March 11 and 25, which translates to nearly a 26% increase.

This substantial growth is a potential turning point for the meme crypto, according to market experts. Some traders believe the whale activity could be a harbinger of more significant price movements.

Analysts at Trader Tardigrade provided additional excitement by suggesting Dogecoin is completing its third market cycle. This analysis hints at a potential significant price increase that could catch the attention of both seasoned and novice investors.

The weekly chart supports this optimism, displaying a 22% gain in recent days.

Derivatives market data provides further insight into the growing interest in Dogecoin. Futures open interest went up by 6%, reaching nearly $2 billion, indicating increased involvement from both smaller and larger traders and companies.

The amount traded also jumped significantly, increasing by 15% to hit over $4 billion, according to data from Coinglass. This volume signals more activity and potential for further market movement.

This activity comes as major investors have been continuously buying large volumes of Dogecoin, a strong indication of confidence in the market despite the price fluctuations.

Over the past two weeks, these large investors have snapped up 200 million coins. This move is far from trivial and suggests a clear belief in the token’s trajectory.

Currently, Dogecoin is trading at $0.1910, showing a 5% increase for the day, adding to the growing optimism surrounding the meme crypto.