Crypto analyst Ali has reported that Dogecoin (DOGE) whales recently acquired 270 million DOGE within 96 hours. This purchase, valued at around $89.64 million at current prices, has ignited speculation about upcoming market movements.
Whales often accumulate large amounts of cryptocurrency during consolidation phases or price dips. These periods allow them to buy at lower prices, potentially maximizing future gains. Dogecoin, currently consolidating after a significant market sell-off, dropped to $0.261 on December 20. This trend suggests that whales might be positioning for a potential price surge or reacting to anticipated developments within the Dogecoin ecosystem.
Dogecoin Foundation Advances Ecosystem Development
The Dogecoin Foundation has been actively working on initiatives to enhance Dogecoin’s adoption and functionality. These efforts include integrating software, libraries, and services to make Dogecoin a more viable payment option. Moreover, the foundation is focused on creating tools to support grassroots adoption, especially in emerging economies.
Related article: Could DOGE Rally to $18 After a 46% Drop? Historical Trends Suggest It Might
In its 2024 ecosystem report, the foundation revealed that open-source software for Dogecoin is nearing readiness for widespread adoption. This progress presents an opportunity for businesses to commercialize these tools, making Dogecoin payment solutions accessible to a broader, nontechnical audience.
Dogecoin Price Trends and Key Levels
Dogecoin has shown price fluctuations since rebounding from its low of $0.261 on December 20. Within two days, the price surged to $0.34 on December 24. As of now, Dogecoin trades at $0.332, reflecting a 3.93% increase in the last 24 hours but a 15% decline over the past week.
Related article: Dogecoin Faces Resistance Amid Consolidation, Showing Minor 1.06% Decrease: 24-Hour Price Analysis
On the upside, Dogecoin faces resistance at $0.349 and $0.373, its 50-day moving average. A further rise could push the price to $0.43, a strong resistance level. On the downside, support levels are expected at $0.27 and $0.23, with additional support at the 200-day moving average of $0.182.
This accumulation by whales and ongoing development efforts indicate potential opportunities for Dogecoin in the near future. However, traders must monitor key price levels and market developments closely.
