Dogecoin Price Reaches 2-Month High Amid Significant Whale and Trader Buying Activity

DOGE Price Ships to 2-Month High: How Bullish Are Whales and Traders?

The cryptocurrency market has seen a remarkable resurgence in the past ten days, with some assets benefiting more than others. One such asset is Dogecoin, which has skyrocketed to a two-month high. This development has caught the attention of many market observers who are trying to understand the motives behind this surge.

As reported by Ali Martinez, data shows that large DOGE holders have expanded their holdings by over 1 billion coins within just 48 hours. To put this into perspective, the value of these newly acquired Dogecoins is a staggering $250 million at today’s prices. This accumulation comes at a time when the meme coin’s price has broken through a crucial support level and continued to soar.

DOGE’s price chart reveals that it had previously traded at around $0.19 on Tuesday, serving as an important floor for the asset. After successfully bouncing off this support line multiple times, Dogecoin went on a tear, surpassing $0.25 and reaching its highest value since early May. The cryptocurrency has even seen a remarkable 80% surge in price since June 23, when it hit a low point amid the Israel-Iran war.

Aside from these massive buys, large leverage traders have also gotten in on the action. Lookonchain reported that an anonymous whale closed a long DOGE position at the top yesterday, booking a profit of over $2 million. They then promptly reopened this position, increasing their exposure to Dogecoin by tenfold, and now hold an unrealized profit of more than $1.64 million.

From a technical perspective, analysts believe that as long as DOGE remains above the $0.2 support level, there is potential for significant upside in the short term, with some predicting targets as high as $0.36 or even $0.54.

Source: cryptopotato.com