Dogecoin Sees Major 868% Surge in Whale Buying, Bulls Poised for a Breakout Rally

Dogecoin (DOGE) Whales are preparing for a bullish reversal for the leading meme coin. On-chain data shows that these whales have regained their confidence in Dogecoin and accumulate more DOGE ahead of a potential rally for the meme coin.

Dogecoin Whale Accumulation Soars 868%

Data from the on-chain analysis platform In the block shows that Dogecoin whales purchased 364.38 million DOGE on July 10, which is an 868% increase from the previous day, when these whales major holders unloaded 37.05 million DOGE. This accumulation trend continued on July 12 when these whales purchased 114.71 million DOGE.

These whales are believed to be accumulating Dogecoin ahead of a potential breakout rally for the leading meme coin. DOGE appears well-prepared for this, especially with several on-chain metrics turning bullish for the meme coin. Data from IntoTheBlock shows that most holders are back in the money, meaning there is unlikely to be a significant sales pressure go forward.

The “In The Money” metric also shows that the $0.10 support level was a crucial support level that Dogecoin bulls needed to hold, which they did. A bullish reversal is likely at this point, as the bears appear exhausted. Other metrics like the Bid-Ask Volume Imbalance and Smart Price also paint a bullish picture for Dogecoin.

It is also worth mentioning that Dogecoin looks set for a breakout rally due to its strong positive price correlation with Bitcoin. As the flagship cryptocurrency sees an impressive recovery and looks to reclaim $60,000, the leading meme coin could also make its way and reach new highs.

Crypto Analyst Kevin (formerly OG Yomi) Also confirmed that Dgecoin’s rally will depend on Bitcoin’s price movement from here on out. He said the meme coin is expected to bounce from this level and “attack the highs sooner rather than later” once a continuation of a bull market is confirmed. The analyst had previously predicted that Dogecoin could reach as high as $3 during this market cycle.

It doesn’t look good, but it will get better

Crypto Analyst Altcoin Sherpa recently admitted Things aren’t looking great for Dogecoin right now, but added that the meme coin will do “big numbers” later this year. The crypto analyst had previously predicted that the meme coin would eventually hit $1 during this cycle and claimed that investing in Dogecoin was one of the “safest bets” anyone could make in this bullfight.

Crypto analyst Andrew Kang also recently made a bullish case for Dogecoin, claiming that meme coins like DOGE represent most of the altcoins likely to reach new highs by the end of this year or early 2025. Crypto Analyst Crypto Kaleo had also previously predicted that Dogecoin would enjoy a significant rally by December this year or early next year.

Featured image from Reddit, chart from TradingView