Dogecoin (DOGE) saw its price surge above $0.20 in the early hours of March 5th, reaching this level for the first time in years. During this period, DOGE‘s weekly gain rate rose to 150%. Onchain data reveals that DOGE whales are still purchasing millions of dollars worth of DOGE even as prices hit a 3-year peak. Could these activities by DOGE whales push the price to the $0.30 level?
Dogecoin Price Increase
The meme coin market continued to reflect gains this week, following last week’s surge led by newcomers like PEPE and BONK, which brought triple-digit gains. Following this rise, meme coins with massive market volumes like Shiba Inu (SHIB) and Dogecoin (DOGE) also joined the rally.
While all this was happening, DOGE’s price also seems to have experienced triple-digit gains. Looking at the graph above, between February 29 and March 5, DOGE showed a 140% increase as its price rose above $0.20.
Whales Make a $250 Million Move
The recent price rally in Dogecoin culminated with the price reaching a 3-year high. Interestingly, onchain data reveals a notable whale investor continues to buy DOGE instead of taking profits at current prices.
The Santiment graph above indicates real-time changes in DOGE holdings controlled by whales with at least 1 million DOGE (approximately $200,000).
The red line shows that whale wallets had a cumulative balance of 53.41 billion DOGE as of February 29. However, by March, this number had reached 54.75 billion DOGE.
Interpreting this situation, it could be said that whales bought approximately 1.34 billion DOGE worth about $250 million last week.
The fact that whales continue to buy DOGE even as it reaches a 3-year peak shows that the buying power is still firmly in the hands of bullish investors.
Dogecoin and the $0.30 Level
On-chain data analysis suggests that the buying frenzy by Dogecoin whales amid a 140% price surge could potentially drive DOGE towards $0.30 in the coming weeks.
As of the time of writing, Dogecoin is currently finding buyers just above the Upper Bollinger Band indicator, at the $0.18 level. A move above the psychological support level of $0.25 could remove barriers for a further 50% increase in DOGE price.
