Large Dogecoin DOGE/USD investors took advantage of the meme coin’s ongoing downturn to increase their stockpile.
What happened: Influential cryptocurrency analyst Ali Martinez highlighted in an X post on Thursday that whales bought the dip, snapping up over 530 million DOGE tokens in the last three days.
The heightened whale activity was also evidenced by a 41% surge in DOGE transactions valued at over $100,000 over the last 24 hours, according to IntoTheBlock.
The optimism was also reflected in the derivatives market, with 74% of institutional investors and top traders positioned long on the cryptocurrency, data from Coinglass revealed.
Whale accumulation typically indicates belief in the long-term potential of a cryptocurrency. Additionally, their actions might influence retail investors to adopt a similar strategy.
See Also: SEC Closes Investigation Against Crypto Exchange Gemini, Says Cameron Winklevoss: ‘Another Milestone To The End Of The War On Crypto’
Why It Matters: The surge in whale purchases coincided with bullish forecasts by analysts.
Rose Premium Signals, a cryptocurrency-focused X account, painted a bullish forecast for the world's largest meme coin.
"A breakout above $0.29124 could confirm a rally toward new highs," the analyst said. "Long-term target sits near $0.50 – $0.60, with potential for further upside."
The optimistic predictions come despite Dogecoin's ongoing troubles. The world's largest meme coin has plunged over 42% this month, while its year-to-date losses widened to 40%.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1881, down 7.87% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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