The recent sharp decline has made market sentiment more sensitive, with some seizing the opportunity while others offloaded their holdings. Amid this, whales have been accumulating Dogecoin (DOGE), the popular meme coin.
Whales Buy 750 Million DOGE
Recently, a prominent crypto expert shared a post on X, highlighting that during a recent dip, crypto whales purchased a significant 750 million DOGE coins, showing confidence in the meme coin. This substantial accumulation by whales signals a strong bullish outlook for investors.
Despite this recent accumulation, DOGE has not experienced any major price changes. Currently, the meme coin is trading near $0.253, having dropped over 5.50% in the past 24 hours, suggesting a potential buying opportunity.
However, during the same period, its trading volume declined by 30%, indicating fear among traders and investors, leading them to stay away from participation.
$25 Million Worth DOGE Outflow
Despite lower participation, on-chain analytics firm Coinglass shows that long-term holders and investors continue to add meme coins. Data from the spot inflow/outflow reveals that exchanges have seen an outflow of over $25 million worth of meme coins, indicating potential accumulation.
This outflow suggests that long-term holders have moved assets off exchanges, which could create buying pressure and trigger a further upside rally.
Dogecoin (DOGE) Price Action and Key Levels
According to expert technical analysis, DOGE appears bearish and in a downtrend, as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame.
Based on recent price action and historical momentum, there is a strong possibility that it could face another 10% price drop to reach its next support at the $0.22 level in the coming days.
Based on Coinglass data, if the DOGE price falls below the $0.246 level, nearly $8 million worth of long positions will be liquidated, as the bulls are over-leveraged at this level.
