Dogecoin's Potential Uptrend: Whales Lead the Charge

2024-06-25, 03:43

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1719287013rdzz.jpeg)
## [TL; DR]
For the past three weeks some crypto investors had been accumulating Doge coin which may push its price up within the next few weeks.

By mid-July DOGE should be within a recovery period.
With a current price of $01243 DOGE’s closet key resistance levels include 0.125722, $ 0.127729 and $ 0.129919.

## Introduction 
<a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>, one of the pioneering meme coins with a market capitalization of  $17,283,730,490, is targeted by crypto whales that want to diversify their cryptocurrency portfolios. Presently, though, the coin is at a very critical point in terms of price movement as it is within a bearish price area.

Despite DOGE’s gains during the second week of June the market wants to see a more significant and sustained bullishness. This analysis looks at the Doge meme coin’s whale activity which may push its price up.

## Dogecoin’s (DOGE) Potential Rally fuelled by Whale Activity
During the second week of June Dogecoin, the largest meme coin by market capitalization, had a surge in whale activity which gives hope that a bullish market may emerge soon. In fact, whales accumulated millions of Doge coins within a short period.

Doge’s performance during that period is different from what occurred within the first week of June when its price dipped by around 11.88% as a result of the global crypto drawdown. Thus, the recent whale accumulation shows the investors’ appetite to invest in the meme coin despite the fluctuating Doge market value.

Santiment, a market intelligence firm, has indicated that the number of Dogecoin Whales has increased remarkably during the first two weeks of June and is expected to continue rising. The analytic firm stated that whales that hold between 10 million and 100 million Doge memecoin recently acquired more than 900 million tokens, worth around $129 million, within the second week of June.

Posting on [X Santiment said](https://x.com/santimentfeed/status/1802537797397733440 "X Santiment said"), “Wallets holding 10 or more <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> have collectively just matched their same level of holdings from exactly 2 years ago. Much has changed since then, including a rise in Bitcoin's market value by +226%.” Of course, some retail crypto investors may follow suit which may lead to a strong Doge bullish thesis.

There is another piece of evidence that shows that the crypto [investors are willing to buy Doge](https://www.gate.io/how-to-buy/dogecoin-doge "investors are willing to buy Doge"). As an example, during the 24 hour period that stretched from 6 to 7 June, there were more than 150 transactions where each investor purchased Doge coins worth over $1 million.

Read also:[ Is It Too Late to Buy Dogecoin in 2024?](https://www.gate.io/learn/articles/is-it-too-late-to-buy-dogecoin-in-2024/2853 " Is It Too Late to Buy Dogecoin in 2024?")
![](https://gimg2.gateimg.com/image/article/17192868531.jpeg)
Source:[ x.com](https://twitter.com/ali_charts/status/1799056197326430298 " x.com")

As Ali-chart’s X post shows, some crypto investors continue to acquire large amounts of Doge in anticipation of its price recovery. As result of the recent Dogecoin acquisition the whales now hold over 18 billion of the cryptocurrency.

The current Doge investors’ accumulation is different from the one experienced between March and April where they used to buy the coin when its price had been rising. This time around these large-scale Doge investors are acquiring the token when its price has been falling, showing a different crypto investment strategy.

Read also: [Dogecoin Price Prediction & Forecast for 2024, 2025, 2030](https://www.gate.io/price-prediction/dogecoin-doge "Dogecoin Price Prediction & Forecast for 2024, 2025, 2030")
## Dogecoin's MVRV Ratio Suggests Profitability and Accumulation Phase
Note that the present meme coin investment conditions seem to favour the Doge meme coin whales. The Doge’s Market Value to Realized Value (MVRV) ratio supports the notion that the whales benefit from the existing market conditions. During the cited period Doge had a 30-day MVRV ratio of -7.4% which shows that most holders who acquired the cryptocurrency within one month were in a profit zone. It is essential to note that the MVRV ratio is a metric that indicates whether an asset is within a profit or loss zone during a certain period. Historically, Doge used to recover when the MVRV ratio was between 5% and -13%, making that range an accumulation opportunity zone. As a result, the market expects a Doge recovery to occur soon. 
## DOGE's Potential for Recovery
Doge has the capacity to enter a recovery soon if its price rises above $0.15 which is a key support floor. The meme coin fell below that level during the first week of June. As of writing, the [Dogecoin price is $0.1243](https://www.gate.io/price/dogecoin-doge "Dogecoin price is $0.1243") as the following graph shows.
![](https://gimg2.gateimg.com/image/article/17192869162.jpeg)
Dogecoin Price Chart – [CoinGecko](https://www.coingecko.com/en/coins/dogecoin "CoinGecko")

As observed on <a href="/price/the-graph-grt" target="_blank" class="blog_inner_link">The Graph</a>, the <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin price</a> is slightly above the $0.12 psychological level. Also, the altcoin is moving sideways showing an accumulation zone. If the coin manages to rise above $0.15 it may target $0.17. Once that happens the investors may recover the losses incurred during May. Looking at the current situation, it is unlikely that the price of Doge will fall further. If it does so it may drop below $0.11 which may indicate a possibility of a further price plunge.

## The Bullish and Bearish Scenarios: DOGE Price Prediction
By mid-June the direction in which the Dogecoin Price would move was not very clear. There was a possibility that the price would move above or below $0.15. However, the price failed to break above $0.15 and fell below $0.1425 instead indicating a rise in bearish momentum. From there, the Dogecoin Price broke below several key support levels which includes $0.1400, $0.1375 and $0.1300.

At the moment there are several Dogecoin bullish market indicators such as the simple moving average (SMA), Relative Strength Index (RSI) and Hull moving average. For example, the simple moving average shows that the Doge price will likely reach $ 0.130339 by 22 July. However, some indicators like the MACD as well as the Fear and Greed Index are showing a neutral market sentiment.

In the meantime, other memecoins like <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a>, Book of Meme and BONK also have bearish outlooks. For instance, the <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu price</a>, currently at $ 0.00001815, may fall further towards $ 0.00001719. Therefore, it is the best time for meme coin investors to look for a suitable moment to buy SHIB and Doge.
## Conclusion
[Dogecoin](https://www.gate.io/learn/articles/what-is-dogecoin/36 "Dogecoin") experienced a price drop during the first week of June. However, since the DOGE is within a sideways market its price may rise within the next few days or weeks. Currently, whales are accumulating the memecoin which points to a possible bullish momentum. 0.125722, $ 0.127729 and $ 0.129919 are Doge’s closest key resistance levels.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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