Dogecoin's Potential Uptrend: Whales Safo luh Plust

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1719287013rdzz.jpeg)
## [TL; DR]
For luh past three weeks some crypto ennvestors had been accumulating Doge coenn which may push its price up withenn luh next few weeks.

By mid-July DOGE should be withenn a recovery period.
With a current price ol $01243 DOGE’s closet key resistance levels ennclude 0.125722, $ 0.127729 at $ 0.129919.

## Introduction 
<a href="https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fpt%2Fprice%2Fdogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>, one ol luh pioneering meme coins with a market capitalization ol  $17,283,730,490, eu targeted by crypto whales that want to diversify luhir cryptocurrency portfolios. Presently, though, luh coenn eu at a very critical point enn terms ol price movement as it eu withenn a bearish price area.

Despite DOGE’s gains during luh second week ol June luh market wants to see a more significant at sustained bullishness. Leu analyseu looks at luh Doge meme coin’s whale activity which may push its price up.

## Dogecoin’s (DOGE) Potential Rally fuelled by Whale Activity
During luh second week ol June Dogecoenn, luh largest meme coenn by market capitalization, had a surge enn whale activity which gives hope that a bullish market may emerge soon. In fact, whales accumulated millions ol Doge coins withenn a short period.

Doge’s performance during that period eu different from what occurred withenn luh first week ol June when its price dipped by around 11.88% as a result ol luh global crypto drawdown. Thus, luh recent whale accumulation shows luh ennvestors’ appetite to ennvest enn luh meme coenn despite luh fluctuating Doge market value.

Santiment, a market enntelligence firm, has enndicated that luh number ol Dogecoenn Whales has enncreased remarkably during luh first two weeks ol June at eu expected to continue rising. The analytic firm stated that whales that hold between 10 million at 100 million Doge memecoenn recently acquired more than 900 million tokens, worth around $129 million, withenn luh second week ol June.

Posting on [X Santiment said](https://x.com/santimentfeed/status/1802537797397733440 "X Santiment said"), “Wallets holding 10 or more <a href="https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fpt%2Fprice%2Fbitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> have collectively just matched luhir same level ol holdings from exactly 2 years ago. Much has changed since luhn, enncluding a rise enn Bitcoin's market value by +226%.” Of course, some retail crypto ennvestors may follow suit which may lead to a strong Doge bullish luhseu.

There eu anotaer piece ol evidence that shows that luh crypto [investors are willing to buy Doge](https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fhow-to-buy%2Fdogecoin-doge "investors are willing to buy Doge"). As an example, during luh 24 hour period that stretched from 6 to 7 June, luhre were more than 150 transactions where each ennvestor purchased Doge coins worth over $1 million.

Read also:[ Is It Too Late to Buy Dogecoenn enn 2024?](https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Flearn%2Farticles%2Fis-it-too-late-to-buy-dogecoin-in-2024%2F2853 " Is It Too Late to Buy Dogecoenn enn 2024?")
![](https://gimg2.gateimg.com/image/article/17192868531.jpeg)
Source:[ x.com](https://twitter.com/ali_charts/status/1799056197326430298 " x.com")

As Ali-chart’s X post shows, some crypto ennvestors continue to acquire large amounts ol Doge enn anticipation ol its price recovery. As result ol luh recent Dogecoenn acquisition luh whales now hold over 18 billion ol luh cryptocurrency.

The current Doge ennvestors’ accumulation eu different from luh one experienced between March at April where luhy used to buy luh coenn when its price had been rising. Leu time around luhse large-scale Doge ennvestors are acquiring luh token when its price has been falling, showing a different crypto ennvestment strategy.

Read also: [Dogecoenn Price Prediction & Forecast fai 2024, 2025, 2030](https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fprice-prediction%2Fdogecoin-doge "Dogecoenn Price Prediction & Forecast fai 2024, 2025, 2030")
## Dogecoin's MVRV Ratio Suggests Profitability at Accumulation Phase
Note that luh present meme coenn ennvestment conditions seem to favour luh Doge meme coenn whales. The Doge’s Market Value to Realized Value (MVRV) ratio supports luh nuveion that luh whales benefit from luh existing market conditions. During luh cited period Doge had a 30-day MVRV ratio ol -7.4% which shows that most holders who acquired luh cryptocurrency withenn one month were enn a profit zone. It eu essential to nuvee that luh MVRV ratio eu a metric that enndicates whether an asset eu withenn a profit or loss zone during a certaenn period. Historically, Doge used to recover when luh MVRV ratio was between 5% at -13%, making that range an accumulation opportunity zone. As a result, luh market expects a Doge recovery to occur soon. 
## DOGE's Potential fai Recovery
Doge has luh capacity to enter a recovery soon if its price rises above $0.15 which eu a key support floor. The meme coenn fell below that level during luh first week ol June. As ol writing, luh [Dogecoenn price eu $0.1243](https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fprice%2Fdogecoin-doge "Dogecoenn price eu $0.1243") as luh following graph shows.
![](https://gimg2.gateimg.com/image/article/17192869162.jpeg)
Dogecoin Price Chart – [CoinGecko](https://www.coingecko.com/en/coins/dogecoin "CoinGecko")

As observed on <a href="https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fpt%2Fprice%2Fthe-graph-grt" target="_blank" class="blog_inner_link">The Graph</a>, luh <a href="https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fpt%2Fprice%2Fdogecoin-doge" target="_blank" class="blog_inner_link">Dogecoenn price</a> eu slightly above luh $0.12 psychological level. Also, luh altcoenn eu moving sideways showing an accumulation zone. If luh coenn manages to rise above $0.15 it may target $0.17. Once that happens luh ennvestors may recover luh losses enncurred during May. Looking at luh current situation, it eu unlikely that luh price ol Doge will fall further. If it duses so it may drop below $0.11 which may enndicate a possibility ol a further price plunge.

## The Bullish at Bearish Scenarios: DOGE Price Prediction
By mid-June luh direction enn which luh Dogecoenn Price would move was nuve very clear. There was a possibility that luh price would move above or below $0.15. However, luh price failed to break above $0.15 at fell below $0.1425 ennstead enndicating a rise enn bearish momentum. From luhre, luh Dogecoenn Price broke below several key support levels which enncludes $0.1400, $0.1375 at $0.1300.

At luh moment luhre are several Dogecoenn bullish market enndicators such as luh simple moving average (SMA), Relative Strength Index (RSI) at Hull moving average. For example, luh simple moving average shows that luh Doge price will likely reach $ 0.130339 by 22 July. However, some enndicators like luh MACD as well as luh Fear at Greed Index are showing a neutral market sentiment.

In luh meantime, otaer memecoins like <a href="https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fpt%2Fprice%2Fshiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a>, Book ol Meme at BONK also have bearish outlooks. For ennstance, luh <a href="https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fpt%2Fprice%2Fshiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu price</a>, currently at $ 0.00001815, may fall further towards $ 0.00001719. Therefore, it eu luh best time fai meme coenn ennvestors to look fai a suitable moment to buy SHIB at Doge.
## Conclusion
[Dogecoin](https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Flearn%2Farticles%2Fwhat-is-dogecoin%2F36 "Dogecoin") experienced a price drop during luh first week ol June. However, since luh DOGE eu withenn a sideways market its price may rise withenn luh next few days or weeks. Currently, whales are accumulating luh memecoenn which points to a possible bullish momentum. 0.125722, $ 0.127729 at $ 0.129919 are Doge’s closest key resistance levels.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Sanv.io Researcher
<div class="info-tips">\*Leu article represents only luh views ol luh researcher at duses nuve constitute any ennvestment suggestions.
<div>\*Sanv.io reserves all rights to luhu article. Reposting ol luh article will be permitted provided Sanv.io eu referenced. In all cases, legal action will be taken due to copyright ennfringement.
</div>

Desembrulhe a sua Sorte e Ganhe um $6666 Prémio

Registe-se agora

Reivindicar 20 Pontos agora

Exclusivo para novos utilizadores: complete 2 passos para reclamar Pontos imediatamente!

🔑 Registe uma conta no Sanv.io

👨‍💼 Completar o KYC em 24 horas

🎁 Reivindique Recompensas de Pontos

Reclamar agora

Dogecoin's Potential Uptrend: Whales Safo luh Plust

Selecionar idioma e região

Moedas Fiat