Whales pump 1 billion DOGE: price rally and new opportunities for investors!

Whales pump 1 billion DOGE: price rally and new opportunities for investors!

Whales in the Dogecoin ecosystem have accumulated over 1 billion DOGE in the last month, indicating growing interest in the cryptocurrency from major investors. According to recent data, the number of wallets holding between 100 million and 1 billion DOGE has increased to almost 26 billion DOGE. This shows massive accumulation by whale wallets, which have recently increased their focus on the market. Wallets holding 10-100 million DOGE have also acquired 100 million tokens within a week, indicating a recovery in the market after a period of lower inflows in April.

In addition to this accumulation, the Dogecoin price experienced an increase from $0.17 to over $0.20 during the period from May 7th to 13th. This increase is due to a technical price bounce from the key Fibonacci zones between $0.20 and $0.21. Open interest in DOGE futures has also trended positively, recently reaching nearly $1 billion. At the beginning of the month, open interest was as high as $3 billion, indicating rising trader confidence.

Technical patterns and price predictions

Technical analysis shows that Dogecoin is finding support at Fibonacci levels between 0.382 and 0.5. Analyst Andrew Griffiths predicts a short-term price of $0.225, with long-term price targets of up to $5.00. Currently, resistance lies at $0.26 while support ranges between $0.21 and $0.20. Furthermore, Dogecoin shows a multi-year cup pattern that can be interpreted as a bullish signal. Positive funding rates on trading platforms and growing outflows from exchanges make declining selling pressure more likely.

Dogecoin's transaction volume reached nearly $1.1 billion as of May 13, while the number of daily active addresses rose to over 600,000 - up from 100,000 at the end of April. Additionally, the number of whale transactions (over $1 million per transfer) is increasing, further highlighting the increasing interest and activity in the Dogecoin ecosystem. These developments create positive market sentiment and indicate increasing potential for future price increases.

Market analysis compared to Shiba Inu

In comparison, Shiba Inu (SHIB) is struggling with resistance at $0.00001350 and is showing weak buying momentum. While Dogecoin offers a positive outlook, SHIB falls short of expectations. Additionally, an exciting BlockDAG project is being added, which is seeing strong presales and promises a predicted ROI of 2,531%. The CertiK audit of this project will be completed next week, which could bring additional momentum to the market.

Overall, Dogecoin is emerging as a rising star among cryptocurrencies while also attracting interest from whales. With technical support and a broad investor base, DOGE could be poised to reach new heights.

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