Crypto whales recently bought 1 billion Dogecoin (DOGE) worth $100 million to counteract the currency's decline, as its price dropped from $0.13 to $0.10. This purchase could potentially halt the coin's downward trend, sparking renewed investor interest.
The substantial buy-in by crypto whales is significant, implying confidence in Dogecoin's potential, particularly as the coins' sell-off pressure has lessened. More investors may get attracted, encouraging an upward price trajectory.
The surge in Dogecoin's holding time, up 536% in a week, suggests investors are opting to HODL rather than sell. Optimism pervades, with key opinion leaders sharing bullish views on memecoins.
Despite recent fluctuations, Dogecoin now seeks a breakout from its falling wedge pattern. A successful move could drive its price past the $0.11 resistance, possibly climbing to $0.17, barring market rejection at current resistance levels.
