According to popular analyst Ali Martinez, major cryptocurrency Dogecoin (DOGE) has seen a surge in interest from large investors, with 140 million DOGE being purchased in the last 24 hours.
This totals around $56 million at the current price per Dogecoin, which is over 2% of the daily volume of $2.64 billion - a significant amount.
Currently, the price of DOGE is facing a major resistance zone at $0.40.
Perhaps the potential for a breakout higher is what is prompting the biggest investors to buy the meme coin.
These are wallets that hold between 1 million DOGE and 100 million DOGE, which means that the smallest of this group holds at least $400,000 in Dogecoin.
If the DOGE breakout is successful, the price may rise to $0.46, which is the next resistance level, and where DOGE saw its annual high in 2024.
With an all-time high from 2021 still sitting at $0.75 per DOGE, and Bitcoin⬆️↗️ showing no signs of slowing down, the temptation for whales to drive the meme coin to this coveted mark may be as strong as ever in these four years.
The whales' latest acquisition may also signal confidence in a broader market trend favoring altcoins. It also raises speculation about whether Dogecoin, buoyed by its loyal community and market momentum, could make a bid to reclaim its former glory.
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