This week, whales added 2 billion DOGE and transferred $208 million to Binance, with charts suggesting a potential rise to $1.
This week, the giant whale purchased 2 billion DOGE, bringing its total holdings to 27.6 billion coins.
A transfer of 900 million DOGE worth $208 million to Binance has drawn attention to volatility in large exchanges.
DOGE has broken through a key resistance level and is expected to surge towards the $1 mark.
Price and market trends
As of the time of writing, DOGE is trading at $0.23, down 4% in the past day, but still up 2% for the week. Daily trading volume is around $6.18 billion.
Meanwhile, the overall cryptocurrency market saw over $1 billion in liquidations. Better-than-expected U.S. Producer Price Index data prompted traders to lower their expectations for a recent Fed rate cut. Approximately 290,500 DOGE were liquidated during this sell-off.
On the two-week chart, analyst Trader Tardigrade noted that DOGE broke a downward resistance line after completing what appears to be a 'V wave' in the Elliott Wave sequence. Similar situations have occurred in the past, where prolonged declines lingered within a descending channel, followed by upward breakouts and significant rebounds.
Momentum indicators are also rebounding. The stochastic RSI, which previously dropped into the oversold region, is currently rising. Trends that have reversed from this area often accompany sustained increases. The current formation suggests that DOGE may break through the $1 mark.
Massive whale purchases and large transfers
According to CryptoPotato, blockchain data shows that large investors accumulated 2 billion DOGE over the past week, spending nearly $500 million. This brought their holdings to approximately 27.6 billion, accounting for 18% of the total supply. This buying frenzy has sparked speculation within the community.
Recently, Whale Alert detected a transfer of approximately $208 million worth of 900 million DOGE to Binance. Tracking shows that this transfer came from a wallet associated with the exchange, possibly an internal operation. The involved address holds 2.88 billion DOGE, one of the largest balances on the network.
Ali Martinez also reported that trading volumes over $1 million reached a one-month high, with trading activity increasing since early August and peaking when DOGE's trading price was $0.25.
Sentiment building
Analyst Gordon described the current trend as a 'good consolidation' before a potential breakout, adding that
"This will be one of the first currencies that regular people flock to, and its rise will be very strong."
With the increase in whale accumulation, high-value transfers, and bullish technical patterns, DOGE has the potential to rise to $1 if momentum continues.
