Large Dogecoin DOGE/USD investors took advantage of the meme coin’s ongoing downturn to increase their stockpile.
What happened: Influential cryptocurrency analyst Ali Martinez highlighted in an X post on Thursday that whales bought the dip, snapping up over 530 million DOGE tokens in the last three days.
The heightened whale activity was also evidenced by a 41% surge in DOGE transactions valued at over $100,000 over the last 24 hours, according to IntoTheBlock.
The optimism was also reflected in the derivatives market, with 74% of institutional investors and top traders positioned long on the cryptocurrency, data from Coinglass revealed.
Whale accumulation typically indicates belief in the long-term potential of a cryptocurrency. Additionally, their actions might influence retail investors to adopt a similar strategy.
See Also: SEC Closes Investigation Against Crypto Exchange Gemini, Says Cameron Winklevoss: ‘Another Milestone To The End Of The War On Crypto’
Why It Matters: The surge in whale purchases coincided with bullish forecasts by analysts.
Rose Premium Signals, a cryptocurrency-focused X account, painted a bullish forecast for the world's largest meme coin.
"A breakout above $0.29124 could confirm a rally toward new highs," the analyst said. "Long-term target sits near $0.50 – $0.60, with potential for further upside."
The optimistic predictions come despite Dogecoin's ongoing troubles. The world's largest meme coin has plunged over 42% this month, while its year-to-date losses widened to 40%.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1881, down 7.87% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
Read Next:
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
