Dogecoin Price Analysis: Gigantic 1.4 Billion DOGE Purchase Raises Questions
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Dogecoin price has fallen to $0.1198 today, marking a 5.5% decline in 24 hours but a 12% increase in a week.
DOGE also remains up by a healthy 18% in a month, with the popular meme token also posting a 93% increase in a year.
Such increases come after whales increased their buying of the token, with the past week seeing large traders accumulate more than 1.4 billion DOGE within the space of 48 hours.
This points to an expectation that the meme token will have a strong end to the year, and potentially a very strong 2025.
There’s some confusion regarding the 1.4 billion DOGE that whales have recently purchased.
This stems largely from one X-based influencer tweeting over the weekend that “a whale just bought 1.4 billion DOGE.”
Such a claim goaded Billy Markus into a response, with the Dogecoin founder simply replying, “wat.”
wat
However, it seems that the source of this claim was an earlier tweet from analyst Ali Martinez, who shared Santiment data showing that larger traders had accumulated over 1.4 billion DOGE – worth around $167 million – in 48 hours.
Yet such a volume includes multiple buys from multiple whales, meaning that no single traders was responsible.
As such, it would be very rash to conclude that something has fundamentally changed in DOGE’s market, or that a big whale is banking on a big rally.
Yet there’s still reason to be optimistic about Dogecoin, even if it has declined today.
Its chart below shows that, after a difficult few days, it could be about to rebound.
Its relative strength index (purple) has fallen to 30
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