Whales Bought 270 Million Dogecoin ($89.64M) Heading Into Christmas Day, Targeting a Potential Price Increase or New Developments Inside the Ecosystem

The crypto market rebounded heading into Christmas Day, with traders hoping for a holiday rally of various crypto assets. Amid the expectations on the crypto

CryptoSlate Top Stories :24: As Christmas Day approaches, the crypto market is showing signs of recovery, with traders hoping for a holiday rally in various crypto assets. Among these expectations, large holders, or whales, are making significant moves in the market.

According to crypto analyst Ali, whales have purchased 270 million Dogecoin (DOGE) in the last 96 hours. This massive acquisition, valued at around $89.64 million at current market prices, has sparked speculation about what might be brewing.

Whales bought 270 million #Dogecoin $DOGE in the last 96 hours!

Such accumulation is usually seen during periods of consolidation or price dips, where large holders take advantage of lower prices to increase their positions. DOGE is currently consolidating after a major market sell-off saw its price drop to $0.261 on Dec. 20.

This trend in Dogecoin could suggest that whales are positioning themselves for a potential price increase or new developments within the Dogecoin ecosystem.

The Dogecoin Foundation, a nonprofit organization dedicated to Dogecoin’s development and growth, has been working on integrating software—libraries and services aimed at bridging the gap for its use as a payment mechanism, as well as developing tools for grassroots adoption in emerging economies.

According to a recent Dogecoin ecosystem report 2024, the Dogecoin Foundation hinted that open-source software is approaching the stage for adoption, presenting an opportunity for multiple for-profit businesses to take these tools and commercialize them to help bring Dogecoin payment solutions to a broader nontechnical audience.

What's next for Dogecoin's price?

Dogecoin has been trading in a range since recovering from a low of $0.261 on Dec. 20. In a two-day rally, Dogecoin reached a high of $0.34 on Dec.24. At the time of writing, Dogecoin is up 3.93% in the last 24 hours, trading at $0.332, and down 15% over the past week.

On the upside, Dogecoin may encounter resistance at $0.349, ahead of the daily MA 50 at $0.373. Continuing up, Dogecoin may then reach resistance at $0.43. In the event of a price decrease, support is expected at $0.27 and $0.23, with the daily SMA 200 at $0.182.