Dogecoin Price Prediction as DOGE Whales Scoop 2B DOGE Last Week

Whale Accumulation Surge Amid Long-Term Trends, What’s Next?

Dogecoin price has experienced notable price volatility in the last 24 hours, with frequent fluctuations in the value. The crypto began with a significant rise, briefly surpassing $0.25, but then entered a steep decline. As of the latest data, the price sits at approximately $0.237, marking a 3.7% decrease over the past day.

In spite of this decline, the meme coin price managed to gain 11.9% in the last week, suggesting a more bullish trend. Throughout this day's volatility, the whales have been acquiring massive amounts of DOGE.

Whale Accumulation and Its Impact on Dogecoin Price

For the past seven days, whales have been very active in the Dogecoin market. According to data reported by analyst Ali Martinez on X, these big buyers have bought 2 billion DOGE. This accumulation has happened as Dogecoin's price moved about, with price action moving considerably after the purchases. 

Source: X

Being large investors, whales impact market trends either by pushing price upwards or downwards. 

From the DOGE price chart, there existed a few abrupt upward movements in early August during the time of accumulation. Significantly, the price exhilarated after such massive sales, indicating a potential correlation between whale movements and price spikes. 

The black line of the chart represents the meme coin price with distinct upward spikes, which some analysts argue signifies that whale accumulation may be preventing or even sponsoring a rally. 

These large investors may be positioning themselves for an anticipated price rise or may be betting on an undervalued market opportunity.

Long-Term Trends: A Potential Breakout?

While day-to-day fluctuations of Dogecoin remain noteworthy, the longer-term view provides an exciting perspective. Crypto analyst Tardigrade shared a chart that more broadly defines Dogecoin price movements over a period of several years. The box set down in the chart  is called the "Ready-to-launch Box," dated from at least mid-2020 until mid-2023, describing a consolidation before the price took a big leap.

Source: X 

The chart illustrates that after prolonged downward corrections (depicted by purple arrows), the meme coin showed signs of recovery and a gradual increase in value. This cyclical price movement, consisting of rapid bull/bear incidents culminating in consolidation phases is considered by most as a big indication that Dogecoin might be setting up for yet another upward breakout. 

Tardigrade sees this stage mirroring historical market situations where DOGE had the big run-ups following stagnation phases. This latest analysis suggests that the coin may have the potential to break previous highs and potentially sit comfortably above that $5 mark.\