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The crypto market rebounded heading into Christmas Day, with traders hoping for a holiday rally of various crypto assets. Amid the expectations on the crypto market, whales, or large holders, are making significant moves.
According to Ali, a crypto analyst, whales have bought 270 million Dogecoin ($DOGE) in the last 96 hours. This substantial acquisition is worth approximately $89.64 million at current market prices, sparking speculation about what might be brewing.
Whales bought 270 million #Dogecoin $DOGE in the last 96 hours! pic.twitter.com/b86lCyGDsr
— Ali (@ali_charts) December 24, 2024
Such accumulation is typically seen during periods of consolidation or price dips, where large holders, or whales, take advantage of lower prices to increase their positions. $DOGE is now consolidating after a major market sell-off, which saw its price drop to $0.261 on Dec. 20.
This trend in Dogecoin could suggest that whales are positioning themselves for a potential price increase or new developments inside the Dogecoin ecosystem.
The Dogecoin Foundation, a nonprofit organization committed to Dogecoin's development and growth, has been working on integrating software — libraries and services targeted at bridging the gap as a payment mechanism, as well as developing tools for grassroots adoption in emerging economies.
According to a recent Dogecoin ecosystem report 2024, the Dogecoin Foundation hinted that open-source software is now approaching the point where it is ready for adoption, presenting an opportunity for numerous for-profit businesses to take these tools and commercialize them to help bring Dogecoin payment solutions to a wider nontechnical audience.
What's next for Dogecoin's price?
Dogecoin has traded in a range since recovering from a low of $0.261 on Dec. 20. In a two-day rise, Dogecoin reached a high of $0.34 on Dec. 24. At the time of writing, Dogecoin was up 3.93% in the last 24 hours to $0.332 and down 15% weekly.
On the upside, Dogecoin may encounter resistance at $0.349, ahead of the daily MA 50 at $0.373. Dogecoin may then rise to $0.43, which is expected to serve as a strong resistance. In the case of a price decrease, support is expected at $0.27 and $0.23, with the daily SMA 200 at $0.182.