As the 'king of meme coins' in the cryptocurrency world, Dogecoin (DOGE) has recently become the focus of the market again. After a strong rebound in May, DOGE is currently priced at $0.22, showing a slight intraday correction but still maintaining a robust trend.
As trading volume surges and social media popularity rises, the market generally views its subsequent upward potential positively; however, some long-term holders have begun to adjust their positions.
Whales are significantly increasing their holdings, signaling bullish prospects
Latest on-chain data shows that Dogecoin is becoming one of the key assets targeted by crypto whales in June. According to Santiment, in the past week, addresses holding between 1 million and 10 million DOGE have accumulated more than 30 million tokens.
Such large fund movements are often seen as market barometers—continued buying by whales can boost retail investor confidence, thereby driving prices up. If the accumulation trend continues, DOGE is expected to break through the resistance level of $0.206.
Potential risks in the tug-of-war between bulls and bears
Although market sentiment leans towards optimism, investors still need to be cautious of volatility risks. If the pace of whale accumulation slows down or if there is concentrated selling, DOGE may retreat to the support level of $0.175. The current market reflects both the unique community enthusiasm of meme coins and the cryptocurrency market's sensitivity to capital flows.
With its strong community base and whale backing, Dogecoin has once again become a hot topic in the market. Future trends will depend on capital flows and the overall cryptocurrency market environment, and investors should closely monitor on-chain data and trading volume changes to capture short-term opportunities.
