Large investors have been heavily buying Dogecoin recently, totalling $718 million in the last week.
Dogecoin has held steady above the $0.1 price level, indicating a strong support.
Dogecoin Whale buying is concentrated between $0.1 and $0.12, indicating that they expect a future price increase.
Dogecoin's price movement is increasingly linked to Bitcoin's, which is currently in the middle of a bullish trend after breaking $60,000.
Analysts predict a possible price bounce off the $0.1 support level and a future rally, with some even targeting $1.
All of the stars are aligning towards a Dogecoin rally.
The king of memecoins is seeing a massive surge in whale activity, indicating a bullish reversal for the cryptocurrency.
This is without mentioning its relative stability above the $0.1 price level.
According to on-chain data, these large holders have accumulated between $0.1 and $0.12, indicating that the memecoin will likely go nowhere but up from here.
IntoTheBlock data shows that the Dogecoin whales have bought a staggering amount of the memecoin in the last week alone.
Dogecoin metrics
In the last week alone, the whales have pushed through nearly 1,000 transactions, scooping up a staggering $718 million worth of the memecoin from exchange and non-exchange entities.
This metric was capped on 10 July last week, after the whales bought 364.38 million DOGE.
They offloaded nearly 40 million DOGE, more than five times the exchange inflows from the previous week during the market-wide dip.
The snapshot also shows that around 74% of Dogecoin traders are 'In The Money,' especially after the cryptocurrency rebounded off the $0.1 price level.
This indicates that Dogecoin's $0.1 support is strong and that a break below is not impossible, but it is still unlikely to occur.
Dogecoin is also showing an increased correlation to Bitcoin, which, according to IntoTheBlock, stands at around 91% at the time of writing.
This is because Bitcoin successfully broke above the $60,000 mark and aims for a retest and even a break above $65,000.
According to recent insights from analyst Kevin, in a tweet, Dogecoin is currently sitting at its "last line in the sand weekly support."
Kevin notes that a break below $0.1 might lead Dogecoin down to .07 cents or even .05 again.
However, the $0.1 price level is a "macro support", and based on 3D-1W time frame chart data and current market sentiment, we might see the cryptocurrency bounce off this level fully and retake higher highs sooner than later.
Considering a recent tweet from Altcoin Sherpa acknowledging that while things may not look great for DOGE, it is one of the "safest bets" in the current bull run and could reach $1 in this cycle.
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