Dogecoin price surged by nearly 16%, outperforming other major cryptocurrencies.
The whales are buying despite a price dip, with more than 60 million $DOGE bought in a day.
Whales holding between 1 million and 10 million DOGE have increased their holdings to a record high this year.
Holdings by smaller investors (retail) have been slowly decreasing throughout the year.
Overall, this reflects a fair chance of the memecoin hitting between $0.15 and $0.2 in the short to medium-terms.
More and more signs of an incoming Dogecoin rally continue to turn up, and here’s another.
According to recent analyst insights, Dogecoin has seen a massive spike in market activity.
This comes amid Bitcoin’s recent break above $65,000 and the general altcoin surge that followed.
While some investors have been taking Dogecoin profits since its rebound from the $0.1 support, the larger investors, or the whales, are doubling down and increasing their holdings.
Why would the whales be doing this? What comes next for Dogecoin?
This week, Dogecoin has been up nearly 16%, which is more of a price increase than Ethereum, BNB, XRP, or even Bitcoin managed to pull off.
Moreover, among the top 10 cryptocurrencies on the market, Dogecoin stands as the top gainer, aside from Solana, on most timeframes.
According to insights from a recent tweet from analyst Ali, the Dogecoin whales stacked over 60 million DOGE within a day during the week.
Dogecoin whales are doubling down.
Source: Twitter
This was also followed by Dogecoin’s earlier peak of $0.1269 during the week.
And while these whales are down by around 6% on their initial investment, their resolve has sparked optimism in the market, leading speculators to wonder:
Is the bullish momentum just getting started?
This surge in whale activity also has some backing in the charts.
According to data provided by Santiment, whales and retail traders differ slightly in terms of HODLing behaviour.
For example, while the price of Dogecoin surged within the week and then corrected, the bullish activity from the whales persisted.
Dogecoin holding patterns
The whales, particularly the ones holding between 1 million and 10 million DOGE coins, have been riding an uptrend in holding patterns, as shown (with the red line) above.
These whales have increased their holdings to around 10.5 billion DOGE, the highest point so far this year.
Moreover, the yellow line above shows the holding patterns of whales holding between 10 million and 100 million DOGE.
This line has also been trending upwards, showing that the whales have bought approximately 160 million DOGE.
More Dogecoin holding patterns
This is opposed to the retailers holding between 100 and 10,000 DOGE (blue line), who have seen their holdings steadily decline throughout most of the year.
Overall, the recent activity of Dogecoin holders shows a strong belief in its potential to hit between $0.15 and $0.2 in the short to medium terms.
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