thecryptobasic.com
Dogecoin whales are buying the dip, with a recent accumulation trend signaling a potential end to the ongoing price downturn.
Over the past week, the crypto market has been thrown into uncertainty as the Federal Reserve doused liquidity projections for 2025.
Among the worst-hit assets in the ensuing rout is the leading doggy-themed meme coin, Dogecoin (DOGE), which fell as much as 34% from highs of $0.39639 to lows of $0.26216. Despite the bloodbath, one class of investors appear to have remained confident about DOGE’s prospects.
Dogecoin Whales Make a 270M DOGE Splash
In an X post on Tuesday, December 24, prominent crypto analyst Ali Martinez shared Santiment Feed data suggesting that whales with holdings between 10,000,000 DOGE and 100,000,000 DOGE had accumulated 270 million coins worth approximately $90.4 million at current prices over the past four days.
Crypto whale activity often preempts market moves, in this case hinting at a potential bounce. To be sure, DOGE has already shown some signs of recovery, bouncing 27% from the lows over the past two days to trade at $0.33317.
The recent whale accumulation aligns with several analyst views that the doggy-themed meme coin’s price still has upside potential.
Correction Just Par for the Course?
Over the past few days, several analysts have suggested that DOGE’s recent correction was expected and potentially sets the stage for an even bigger rally. Among them is Ali Martinez.
On Monday, December 23, Martinez contended that DOGE could be replicating its 2017 and 2021 run, with a potential upside target of $18. In both instances, the meme coin had experienced parabolic rallies after first correcting about 50% from triple digit percentage gains.
DOGE’s recent correction saw it drop about 46% from highs of $0.48434 formed after an over 400% surge.
Sharing a similar view with Martinez on Monday, Elemento Cripto founder Javier Santini set a more conservative target of $4.