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The largest memecoin by market value, Dogecoin (DOGE), has regained the interest of investors following a market downturn that led to significant losses. The current recovery in DOGE’s price has been fueled by a single Dogecoin whale’s purchase of 200 million DOGE in a series of transactions, which has increased expectations for the memecoin’s future price trajectory.
Whale Accumulates 200 Million DOGE
Amid DOGE’s current upward momentum, with the price surpassing the $0.18 threshold, discussions about the potential end of the downtrend have captured the attention of cryptocurrency investors. Speculations about DOGE’s eagerly anticipated $1 level have intensified due to the increasing whale accumulation and the altcoin’s demonstrated resilience against further declines. Moreover, with Bitcoin‘s expected fourth block reward halving on April 19, market observers are forecasting a potential bull run for Dogecoin’s price.
At this point, the tendency of whales to accumulate is also raising expectations for DOGE, supporting its rise. The Whale Alert service, which detects and publicly shares large movements on blockchains, reported that an unidentified wallet address recently purchased 199.27 million DOGE in a series of transactions. This purchase, valued at $35.45 million, was executed on the Robinhood exchange and has generated significant buzz within the altcoin’s community.
Signs of an Uptrend Emerge
In light of these developments, Dogecoin’s price has seen a 2.93% increase in the last 24 hours and is trading above the $0.181 threshold at the time of writing. The recent price surge, combined with notable whale accumulations, has positioned the altcoin on an upward trajectory. Additionally, data from Coinglass indicates that DOGE’s open interest (OI) in the derivatives market has increased by 3.58%, suggesting growing investor interest and capital inflows into the altcoin in the derivatives market, potentially signaling the end of the downtrend.
Technical indicators are also signaling a potential uptrend for DOGE. For example, the leading technical indicator, the Relative Strength Index (RSI), is giving a neutral signal at the 52 level, indicating that the path is clear for the altcoin’s rise.
Experts suggest that if buying pressure continues to increase, DOGE could see a significant upward move, potentially opening the door to the long-awaited $1 level. However, they also caution that an increase in profit-taking could intensify selling pressure, potentially causing the altcoin’s price to retreat to previous support levels and enter a downtrend.
