Dogecoin (DOGE) Whales Are Back, This Time Eyeing a Bigger Prize

Just a month ago, Bitcoin [BTC] shattered records, hitting 100K for the first time. Since then, the coin has sustained the uptrend, turning the market

A month ago, Bitcoin [BTC] hit 100K for the first time, setting off a chain of events that saw the market turn green as investors rushed to diversify their portfolios.

Memecoins had their moment, but the spotlight quickly shifted as altcoins took control. Even Dogecoin [DOGE], the top memecoin, struggled to keep up, gaining just 5% in the last 30 days.

Now, DOGE is flirting with last month’s opening price of $0.43410, after two failed attempts to break $0.50. $0.50 is proving to be tough resistance, but whales are pushing hard to break through.

The big question is: Are these whales aiming for a long-term push for DOGE, or will they keep manipulating meme-tokens, leaving DOGE stuck in its volatile slump?

Trump pump pushes coins back on track

Many coins are showing bullish signs again thanks to the ‘Trump pump,’ which is offering much-needed relief to large HODLers who have been stuck as their investments stagnated year after year.

DOGE is one coin that has been notably affected by this. For the past three years, its price has remained trapped in a tight range between $0.06 and $0.15.

However, when it posted daily gains of over 10% during the first week of the election, it became clear that these HODLers were finally cashing in on the profits they had been waiting for.

Among them were big players with sizable DOGE holdings, who began transferring significant amounts of tokens back into exchanges.

This activity coincided with a long red candlestick on the daily chart, showing an 11% loss in a single day – marking the third time DOGE failed to break past the $0.48 resistance.

But this may only be the tip of the iceberg. As DOGE dips back to the $0.40 range, whales are already capitalizing on the opportunity, scooping up an additional 160 million tokens.

According to AMBCrypto, this behavior hints at a strategy to manipulate DOGE in a ‘tug-of-war’ – buying at the bottom for discounts and selling at the top for premiums, a classic move in market manipulation.

From a broader perspective, market-wide volatility has pushed new entrants toward low-to-mid cap assets as safer bets. Many of these assets have seen nearly 10% gains from the previous day.

Additionally, ongoing market manipulation by big players is likely to keep retail investors wary, making them hesitant to invest in memecoins.

Combined, these factors suggest that the $0.40 level represents a strong ‘dip’ supported by whale activity, but with a clear ‘buy at your own risk’ warning.

If you’re ‘long’ on DOGE, staying updated with these evolving datasets is crucial. This isn’t over yet, and another risk might be just around the corner.

After its recent pullback from $0.48, as whales retreated, the Open Interest (OI) in the perpetual market has tumbled from an all-time high of $4.45 billion to $3.16 billion, signaling a staggering 29% decline in under a week.

As is often the case during a ‘dip,’ both retail and institutional players jumped in, scooping up huge amounts of DOGE tokens, hoping for major gains.

This prompted futures traders to go ‘long’ on DOGE’s price. However, whales holding massive stakes can easily sway the market.

Their sell-offs triggered an 11% drop in price, forcing long positions to close, and deepening the decline.

As whales eye the dip again, caution is essential. Unless DOGE breaks the $0.50 mark, this pattern may repeat. Keep an eye on these big players in the coming days—this isn’t over yet.