Story Highlights

• Crypto whales buy nearly 110 million DOGE meme coins.
• Dogecoin (DOGE) could rise by 20% to reach $0.31 if it closes a daily candle above $0.263 level.

In a seemingly dull market, whales and crypto investors found ideal conditions today, as evidenced by Dogecoin (DOGE) investors. A prominent crypto expert on X (formerly Twitter) posted that crypto whales have purchased nearly 110 million DOGE meme coins in the past 48 hours.

Based on historical price momentum, if DOGE surges and closes a daily candle above the $0.263 level, there is a strong possibility it could rise by 20% to reach $0.31 in the coming days.

Bullish On-Chain Metrics

Despite weak price action and market uncertainty, investors and long-term holders have shown strong interest in the asset, as reported by on-chain analytics firm Coinglass. Data from spot inflows and outflows reveal that exchanges have witnessed a continuous and substantial DOGE outflow worth millions of dollars, indicating potential accumulation.

In the past 24 hours, exchanges have recorded a $9.25 million DOGE outflow, indicating potential accumulation and possible buying pressure.

Besides the bullish outlook of long-term holders and investors, intraday traders are also showing optimism. At press time, major liquidation levels are at $0.248 on the lower side and $0.263 on the upper side, with intraday traders over-leveraged at these levels. Additionally, data reveals that bulls currently dominate the meme coin and could support its upcoming rally.