Dogecoin (DOGE) Whales Accumulate 250 Million Tokens Amid Market Downturn, Long-Term Holders Buy the Dip

Dogecoin (DOGE), the largest meme coin in the world, has attracted significant attention from cryptocurrency enthusiasts amid the recent market downturn.

Cryptocurrency speculators have reportedly accumulated 250 million Dogecoin (DOGE) in the past few days, according to a post by a prominent cryptocurrency expert on X (formerly Twitter) on December 21, 2024.

However, the post on X also notes that this significant accumulation is occurring during the recent market downturn, which follows Jerome Powell's anti-cryptocurrency stance, as reported by CoinPedia.

Meanwhile, the impact of this substantial accumulation is now visible in DOGE's price. The meme coin has surged over 25% in the past 48 hours, according to CoinMarketCap. It is currently trading at around $0.32, showing an 8% increase in the past 24 hours.

Despite this significant price increase, long-term holders seem to be continuously accumulating tokens, according to a report by on-chain analytics firm CoinGlass. Data on DOGE's inflows/outflows shows that exchanges have seen a massive outflow to the tune of 519.19 million DOGE in the past 7 days.

An outflow is an on-chain metric that indicates the withdrawal of assets from exchanges into long-term holders' wallets. This could signal bullish momentum and suggest an ideal buying opportunity.

Technical analysis of Dogecoin (DOGE) and upcoming levels

According to a technical analysis by an expert, the meme coin is currently facing strong resistance near the $0.346 level. Based on recent price movements, if DOGE manages to break this resistance and close the daily candle above $0.36, it is highly likely that it could surge 25%, reaching the next resistance level of $0.44 in the near future.

On the brighter side, the Relative Strength Index (RSI) of DOGE is currently at 37.85, indicating a strong potential for an upward trend in the coming days.