Dogecoin Whales Accumulate Over 100 Million DOGE as Bulls Target $0.3 Price
Dogecoin holders are ramping up more DOGE following multiple bulls raising short-term targets. Meme coins soared alongside Bitcoin (BTC) and altcoins last month, recovering from a stretched downtrend. Recent accumulations have heightened sentiments in these highly volatile assets ahead of upcoming U.S. macro events.
Dogecoin Bulls Lock In Target
Crypto whales have purchased 100 million DOGE tokens in the last seven days. This buying pressure comes as meme coins record double-digit gains in the same timeframe. As the wider market recovers, whales look for good entry positions ahead of an expected rally.
Due to massive institutional inflows and slow retail outflows, Dogecoins metrics remain in the green zone. Unlike other assets, net exits from centralized exchanges have been curtailed, driving up trader confidence. After Bitcoin retested $95k, altcoins like Ether, Solana (SOL), and XRP saw mild outflows, triggering profit-taking fears. This grew in the past week, lowering the bullish impact.
DOGEs price stands at $0.1792, with a 2.5% growth over the past day and a stronger weekly average. Daily volume above 18% has spiked the market cap to $26.7 billion. Meanwhile, several traders have set a short-term target above $0.3 in their quest for a rally. Expert trader Ali Martinez wrote on Dogecoins drive towards an all-time high. According to him, an upsurge above $0.2 could trigger an all-time high if institutional demand remains high.
DOGE can secure a monthly close above $0.20, which could pave the way for a rally toward its all-time high of $0.74. Such a breakout would signal strong bullish momentum and potentially attract increased investor interest.
Meanwhile, the Dogecoin community witnessed a slight frenzy after Bloombergs analyst Eric Balchunas shared the latest odds for a possible spot ETF approval in the United States. According to the data, spot DOGE ETFs stand an 80% approval chance with a final SEC deadline on October 17.
DOGE Momentum Fuels Meme Coin Swing
This year, meme coins fell short of their Q4 2024 rally due to negative macro trends. Meme coins trade in line with Bitcoin sentiments and are often linked to low utility, unlike top crypto assets. The massive DOGE rally recorded last month led to a similar movement in other meme coins.
First, the total market cap gained $12 billion daily, followed by huge daily trading volumes. Top assets like Shiba Inu (SHIB), PEPE, and Official Trump gained over 7% inflows last week.
Read more: https://zycrypto.com/dogecoin-whales-accumulate-over-100-million-doge-as-bulls-target-0-3-price/
Text source: ZyCrypto
