Cryptocurrency holders bought 4.7 billion Dogecoin tokens in just two weeks

Large holders of Dogecoin DOGE $0.16 Binance-Peg Dogecoin -6.12% Market capitalization $0.42 billion VOL. 24 hours $0.35 billion have purchased 4.72 billion tokens over the past two weeks, which has aroused the interest of analysts amid the stable price of the asset. According to Ali Martinez, wallets with a volume of 100 million to 1 billion DOGE increased their holdings from 27.6 to 32.4 billion coins. This indicates the activity of large investors known as «whales.» As of the time of publication, Dogecoin is trading at $ 0.176, with a daily trading volume of about $ 2.01 billion. The coin has risen in price by 7% over the past week.

An analyst at Trader Tardigrade noted that DOGE has returned to the support zone between $ 0.16 and $ 0.17, a level that was already a strong base at the beginning of the year. The Relative Strength Index (RSI) broke through the downtrend, which usually indicates a strengthening market. A similar situation was observed in June, before Dogecoin showed growth. If the indicator triggers again, the coin could move into a new phase of growth.

On a longer timeframe, the charts show that DOGE continues to move in the upward channel that was formed in the previous cycles — 2017 and 2021. In each case, there were short breakouts outside the channel before the significant gains. The current structure repeats these patterns, which may indicate a period of accumulation before a potential breakout.

Analyst Javon Marks drew attention to the formation of higher local lows, a sign of gradual price support. If the trend continues, DOGE could rise by 311% and approach its all-time high of over $ 0.70. Additional attention to the asset is drawn by the news that the Bitwise DOGE ETF is in the 20-day review stage.

If approved, it will become the first spot Dogecoin ETF in the United States. Such a move may increase institutional interest in the asset and affect its market dynamics. Analysts continue to monitor the behavior of large wallets and technical indicators, assessing the likelihood of a new uptrend.