Dogecoin Whales Load Additional 200M DOGE In 4 Days: 'Breakout Ready To Occur Any Day,' Trader Predicts

Dogecoin's DOGE/USD recent price rally has prompted significant buying activity from Dogecoin whales and bullish trader predictions for the apex meme coin.

What Happened: Crypto technical analyst Ali Martinez noted in his latest tweet that Dogecoin whales purchased an additional 200 million DOGE since May 30. The post attracted several reactions from the crypto community with many expressing that the whale movement has not led to any price increase. To this, Ali responded, "The ones who wait are always rewarded."

When asked about the optimal entry point for the Dogecoin trade, Ali stated it was yesterday (June 3). Crypto news provider DeFi Planet tweeted:

Wow! The #Dogecoin army seems to be on the move! 🐕🚀 With 200 million $DOGE snapped up in just a few days, it looks like big players are getting in on the action. But what do you think is driving this increase in demand? Is it pure FOMO, or are the whales sensing something…

— DeFi Planet (@PlanetDefi) June 4, 2024

Crypto trader Kevin shared insights on an imminent breakout for Dogecoin. He highlighted the two-month Bollinger Bands Breakout indicator, suggesting a major movement is on the horizon. He added that this indicator is signaling a breakout for the first time since November 2020 and noted the approaching 2-month LMACD bullish cross, another indicator pointing to significant price action.

In response to his tweet reactions, Kevin noted that "people are over-trading and over-emotional." He added that the macro situation is often ignored which misguides on how cycles work.

Price Action: In the past 24 hours, DOGE was trading down 2% at $0.1585. 83% of DOGE holders are in profit.

Also Read: Dogecoin’s 23% Monthly Gains Steels Trader’s ‘Insanely High Conviction’ DOGE Will Outpace Bitcoin

Why It Matters: Kevin's prediction is noteworthy for several reasons. Dogecoin has seen significant volatility and interest from investors, particularly since its surge in popularity in early 2021. Traders often use technical indicators like the Bollinger Bands and LMACD to predict price movements.

The last time these indicators aligned, Dogecoin experienced a substantial increase in value, making this prediction particularly intriguing for traders and investors.

IntoTheBlock data noted a 35.4% increase in Dogecoin’s large transaction volume, while daily active addresses increased by 1.3%. Transactions greater than more than doubled from 141 transactions on June 2 to 297 transactions on June 3 . Exchange inflows surged from $8.6 million to $34.2 million.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Crypto Analyst Predicts Huge Surge In Dogecoin’s Value: ‘Market Sentiment … Is As Bearish As It Was In Early February’

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