📈 Can #Dogecoin Price Catalyze Bullish Reversal as Whales Accumulate $100M $DOGE ? 🐋
Dogecoin price may be on the precipice of a giant pump as on-chain data point to whale accumulation.
The bullish $DOGE forecast is also based on its technicals, with one top analyst pointing to the formation of a ‘textbook accumulation cylinder.’ The rising social dominance score provides more hints of the upcoming surge.
The Dogecoin price may benefit as data shows that whales are doing that. Ali Martinez, a top crypto expert, noted that whales bought about 100 million coins last week, as they bet that the recovery would gain steam.
Whale buying is often a leading indicator in crypto price analysis, as these investors are perceived as more experienced and sophisticated.
In some instances, many coins surge when retail traders notice that whales are actively buying the dip.
Further supporting the bullish Dogecoin price prediction is that its social dominance score, which measures the share of discussions about a coin compared to other top-ten coins, has crawled back.
Santiment data reveals that this score has risen to 2.524%, up from the bottom of 0.9% last month. This gradual improvement could imply a potential surge in the coming weeks as it shows that more users are mentioning it in their discussions.
A likely reason is the recent DOGE ETF optimism after Nasdaq sought approval to list 21Shares’ DOGE fund.
