The latest Dogecoin data on Friday has created excitement in the crypto market, indicating massive whale accumulation amid the coin’s price drop. According to prominent analyst Ali Martinez, whales have accumulated 110 million Dogecoin in the past 48 hours, leaving market participants looking forward to a positive breakout in the future. The leading analyst says that the bullish trend is due to strong market technicals.
### Dogecoin whales buy heavily as prices near $0.25
Analyst Ali Martinez shared data on the X platform on Feb. 21, stating that $110 million of DOGE had been accumulated over the past two days. Meanwhile, Dogecoin has been trading around the $0.25 level, a point of great interest among market participants. The whales are accumulating reserves around this level, which could become a key support level going forward. Previous reports from CoinGape have also reported that there were very few large-scale sell-offs during DOGE’s movement around the $0.25 level, raising hopes for investors who are expecting a significant increase in the value of the dog-themed coin.
### Why do whales accumulate DOGE?
In addition to the accumulation, there is also good news related to Dogecoin due to the possibility of a Dogecoin ETF approval. The market was boosted by the US Securities and Exchange Commission (SEC) granting Grayscale’s request to release a 19(b) document for a Dogecoin ETF, which could lead to significant capital inflows and further boost prices. At the moment, Dogecoin prices are down around 5.5% over the past week, resulting in a return of a ‘buy on sale’ buying atmosphere in the market.
### Is DOGE Price Breakout Imminent? Analysts Express Positive Outlook
DOGE price has been showing consolidation lately, trading up around 1% on the day to $0.2564, while the coin has lows and highs of $0.2508 and $0.2578 over the past 24 hours. This wide range of price volatility is largely due to the volatile movements in the overall crypto market.
Several analysts are saying that the outlook is bullish, stating that the coin’s price history shows a “symmetrical triangle” pattern, which means that the coin is continuously consolidating as it prepares for a future explosion. X’s ‘Trader Tardigrade’ analyst suggests that this pattern could be considered a breakout signal.
There has been a lot of accumulation by whales, which increases the chances of such a forecast coming true. However, a well-known trader called ' Altcoin Scholar' pointed out that the $0.22 price level is still a strong support zone for this coin. If it can break through this level, it will increase the chances of making sustainable profits in the future.
However, the enthusiasm among investors and whales remains a major trigger that could lead to a significant change in the price of Dogecoin in the near future. Expectations arise that there will be regulatory announcements that could support the cryptocurrency’s price, as well as the influx of new funds seeking high-potential assets, before allowing investors to effectively access this meme investment and achieve financial success.
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