Dogecoin Live Update: Large Crypto Whales Scoop Up 310M DOGE as Price Dips

Crypto whales- large institutions or investors that possess a substantial amount of cryptocurrency- bought 310 million DOGE within the twenty-four-hour period. This relevant accumulation happened during a potential downward reversal near $0.23 in the price trend of the Doge coin, according to the report posted by @ali-charts on X.

On the July 23-24 trading session, the price value of Dogecoin encountered an 18% dip, and this happened because of the intense volume surpassing 2.26 B tokens.

TL;DR:

Dogecoin whales scooped up 310 million DOGE (~$73M) within 48 hours following an 18% dip in price, with over 25.42 billion DOGE now held by large wallets—about 16.6% of the circulating supply. The buying coincided with a double-bottom pattern breakout near the $0.23 support zone, a technical setup often seen before bullish reversals. Analysts suggest that if DOGE sustains key levels, it could potentially rally toward $0.46 or higher, amid ETF optimism and on-chain momentum

310 Million DOGE Bought by Whales

The accumulation phases of whales and  DOGE have been synchronized with a technical formation called “Double-bottom pattern,” which is commonly described as bullish in the market sentiment, highlighting Technical Analysis.

According to TradingView analysis and Investopedia, high-volume traders who support the double-bottom pattern are considered a major indicator that the majority of traders monitor attentively.

Large Crypto Whales holding between a hundred million and one billion DOGE have acquired over 310 million tokens, reported by Ali Martinez,  a Market Analyst. 

On July 17, the accumulation started with a spike and continued frequently over the past two days. As per the latest purchases, the crypto whales hold 25.42 billion Dogecoin worth billions of dollars. 

This significant accumulation phase reflects positive market sentiment across the project and normally precedes a price rebound, mainly after a brief profit-taking fall. Similarly, this accumulation reflects over $73 million in value at present charges, and the purchasing activity happened over a forty-eight-hour period, in connection with the recent price falls.

Is a Dogecoin Comeback Brewing?

DOGE encountered a price decline, falling from $0.24 to session lows, reflecting ongoing selling pressure. The final hour of trading shows an additional dip of 1.45%, certifying the weakness. However, this fall happened after a prior sell-off earlier in the session, where Dogecoin was eliminated at $0.25 on high volume.

DOGE Price Chart Screenshot from TradingView

Universally, the interpretation of the large crypto whale behaviour is not positive. Some market analysts stated that whales are error-free, and their activities do not always lead to supportive results for smaller investors. The Science Direct Study of 2023 supported this suspicion, identifying that regulatory announcements, especially during periods of financial instability such as the COVID-19 pandemic, can cause relevant price variations. Moreover, these outcomes show the volatile behaviour of the crypto market and the relevance of contextual factors in examining whale-boosting price fluctuation.

During accumulation phases, the activity of crypto whales can impact the cryptocurrency value by 5-10%, as reported by the 2023 Journal of Financial Economics study.

Also Read: 3 Best Altcoins to Buy Now: Top Crypto Whales are Accumulating for High ROI

At the time of writing, Dogecoin trades at  $0.22194, which is below the neckline support. During the selloff period, the temporary support surfaced at $0.23, but failed to keep the recovery attempts. The market sentiment of the crypto market remains fragile because of its macroeconomic aspects. The policy instabilities and international trade tensions continue to enhance risk-off market sentiment across altcoins.

However, this significant accumulation of DOGE and whale stipulate a potential turning point for DOGE. Investors are recommended to exercise prudence and carry out their own comprehensive research before making any financial decisions.