$DOGE

Dogecoin (DOGE) has seen a significant increase in interest from large holders over the past week despite its relatively stagnant price action.

DOGE has traded within a narrow range, with little momentum to move in either direction. However, with increasing whale accumulation, this altcoin may be poised for a bullish breakout in the near future.

DOGE has seen an increase in whale accumulation of 112% despite stagnant prices.

According to IntoTheBlock, DOGE has recorded a 112% increase in net inflow from large holders over the past week.

Large holders are whale addresses that hold more than 0.1% of the circulating supply of an asset. Their net inflow tracks the difference between the amount they buy and sell over a specific period.

When this indicator rises, tokens tend to flow into the wallets held by these large investors, indicating that holders are accumulating DOGE amidst a dismal price environment, signaling confidence in the future value of the memecoin.

Moreover, while the price of DOGE has not reacted much to improvements in the overall sentiment of the space, traders in the futures market continue to show confidence. This is reflected in the demand to maintain Long positions. According to Coinglass, the funding rate of this memecoin is currently at 0.0026%.

The funding rate is the periodic payment from traders in perpetual futures contracts to keep the contract price aligned with the spot price. When the funding rate is positive, the demand for Long positions will be higher, meaning more traders are betting that the price of DOGE will rise.

Whale accumulation and the potential to surpass $0.175

If the accumulation trend of whales continues and positive sentiment increases, DOGE may be ready to breakout with a target of surpassing $0.175, reversing from its recent consolidation phase.

Breaking through this key barrier could open the door for growth towards $0.206. However, if selling pressure returns, the price of the altcoin could drop to retest the support level at $0.148.

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