Whales Accumulate 750M DOGE as Analysts Predict a Potential Surge

Dogecoin's price decline continues, marking three consecutive days in the red. The leading meme coin has dropped over 4% in the past week.

Whales have reportedly accumulated 750 million Dogecoin (DOGE) during a recent price dip, as market data reveals. This development comes amid a downturn in the meme coin's price, which has seen three consecutive days in the red.

Dogecoin's price has seen a decline of over 4% in the past week, with most other assets in the top ten by market capitalization facing similar drops. However, large holders of the asset have taken advantage of this dip to acquire a substantial amount of Dogecoin.

According to recent on-chain data, whales holding between 10,000,000 and 100,000,000 DOGE have acquired 750 million DOGE. This large accumulation event indicates strong confidence in the asset among major holders despite the overall market downturn.

Meanwhile, further analysis by IntoTheBlock reveals a trend of increasing buying pressure on Dogecoin. Over the last seven days, the coin's inflow metrics have risen by 5.33%, indicating consistent short-term buying activity.

The 30-day change in inflows is at 323.86%, showing a sharp increase in buying pressure. Over 90 days, inflows have surged by 3,722.46%, highlighting a significant increase in whale interest in the past three months.

As Dogecoin's price remains in a corrective phase, other technical analysts have observed key patterns that could signal potential movements. A veteran trader, Coinvo, has identified a corrective ABC wave pattern on the DOGE/USDT daily chart.

"Everything is pointing towards a DOGE move higher," the analyst noted. The observed pattern suggests that the market may be nearing the end of its current correction phase, which could lead to a reversal and bullish movement.

Another market analyst has used historical price movements to determine a possible peak for Dogecoin's ongoing cycle. Observations from previous price cycles indicate that Dogecoin has followed a recurring pattern, with peak prices appearing roughly every 1,442 days.

Historical data shows that Dogecoin surged by 21,821% in its first recorded cycle, reaching a peak in January 2018. The second cycle, which ended in May 2021, saw a rise of 54,890% from its cycle low.

His analysis suggests a price target exceeding $10, yet the data from the chart implies an even more ambitious projection, estimating DOGE could surge to $440.

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