Dogecoin (DOGE) Whales Betting on a Breakout

According to prominent crypto analyst Ali Martinez, Dogecoin whales are “betting on a breakout.”

After falling over 70% in the last three months, Dogecoin has seen significant losses in the recent crypto market downturn. However, certain investors are expecting the meme coin to rebound soon.

Dogecoin Whales On a Buying Spree

Ali Martinez stated in an X post on March 18 that Dogecoin whales are capitalizing on this opportunity by making fresh buys. Specifically, investors holding between 1 million and 10 million DOGE have added 110 million DOGE, worth $18.5 million, to their holdings in the past week, according to Santiment Feed data. This follows purchases of 1.4 billion DOGE ($224 million) and 1.7 billion DOGE from the week prior.

These whale purchases suggest optimism regarding a price rebound, indicating a bullish market accumulation.

A “Buzzing” Network

On March 19, Martinez noted that the Dogecoin network was “buzzing,” pointing out a recent spike in active network addresses. The number of active addresses increased over 76%, rising from an average of 160,000 to 282,500 on March 17.

An increase in active addresses is typically viewed as a positive sign, indicating growing interest and rising demand for the asset.

With these encouraging signals, Martinez has suggested that a rebound could propel Dogecoin to a new all-time high around the $2 price mark, based on an ascending channel observed on the weekly candlestick chart.

Currently, DOGE is trading at $0.1677, showing a slight decrease of 0.29% as the market remains cautious, awaiting the Federal Reserve’s decision on interest rates expected later today.