A wallet holding over 400 million DOGE has been reactivated after over two years of dormancy. With Dogecoin struggling around $0.12, this sudden awakening amidst whale activity hints at a potential bullish surge ahead.
On-chain analysis reveals a clear trend. Addresses holding over one million dollars in Dogecoin have steadily increased their positions over recent weeks. This behavior sharply contrasts with retail investors, who appear to favor exiting after several months of difficult consolidation.
The $2.9 million transfer represents just the visible part of a broader movement. Data from Santiment and Glassnode indicate several other whales have conducted similar transactions, all trending toward accumulation. These wallets, often dormant for months or even years, are choosing this precise moment to reposition their assets.
This strategy of accumulating during phases of low retail interest echoes a well-known adage among experienced traders: “Buy when there’s blood in the streets.” Whales are taking advantage of retail selling pressure to build positions at price levels they consider attractive. Trading volume remains moderate, indicating progressive accumulation rather than panic buying.
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The burning question on everyone’s lips: can this whale awakening trigger a significant bullish movement? Several technical factors deserve attention. DOGE is currently evolving in a critical support zone, tested multiple times in recent months. An upward breakout, combined with increasing volume, could propel the price toward the next major resistance.
Technical indicators present a mixed picture. The RSI remains in the neutral zone, leaving room for a bullish movement without being overbought. Moving averages are beginning to tighten, a configuration often observed before periods of increased volatility. Whale accumulation adds a fundamental catalyst to these technical signals.
Elon Musk’s influence on Dogecoin’s price remains an impossible-to-ignore wildcard. A simple tweet from the Tesla and SpaceX CEO can trigger price movements of several dozen percent in just hours. Coupled with the current whale accumulation, any media intervention from Musk could serve as a detonator for a major rally. The market remains particularly sensitive to these types of external catalysts, especially in a context of silent accumulation.
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