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DOGE Price Ships to 2-Month High: How Bullish Are Whales and Traders?
The cryptocurrency market revival in the past ten days or so has benefited certain assets more than others, with the leading meme coin being a prime example. Dogecoin’s price has rocketed to a two-month peak, while whales have started accumulating en masse, and large traders are opening sizeable longs.
Whales, as per data shared by Ali Martinez, have expanded their holdings by more than 1.08 billion coins within the span of just two days. To put this amount into a USD perspective, it is valued at over $250 million at current prices. This accumulation comes at a time when DOGE’s price has gone through the roof. Recall that it traded at $0.19 on Tuesday, which was a crucial support line. After it bounced off it on a couple of occasions, DOGE went on a roll, shipping beyond $0.25 and reaching its highest price tag since the second week of May.
Moreover, Dogecoin’s price has soared by more than 80% since its bottom on June 23 during the Israel-Iran war. Aside from whales buying spot, large leverage players have also caught the move upward. Lookonchain reported that an anonymous whale closed a long DOGE position at the top yesterday, profiting more than $2 million. Later, they opened another one, worth over $21 million, going 10x long on the meme coin.
A whale with handle 0x6adb closed his DOGE long at the top yesterday, securing a profit of $2.14 million. Ten hours later, he re-entered the market by taking a massive long position in DOGE, worth over $21 million and unrealized profit potential of $1.64 million.
From a technical standpoint, analysts believe that Dogecoin is poised for a surge to $0.36 or even $0.54, as long as it remains above the critical support level at $0.2
Source: cryptopotato.com
