Dogecoin is one of the most popular and the very first memecoin, which gained huge popularity and also triggered a massive bullish wave within the markets. Unfortunately, the trader’s activity faded on time, which also slashed the volatility of the token. Besides, the whales also showed less interest in the token, which made the market participants unresponsive to minor fluctuations.
A new update has emerged that is expected to change the market dynamics of Dogecoin, as recent whale activity suggests the token may undertake a fresh rally soon. As per the data from Santiment posted by a popular analyst, Ali, the whales have intensified their DOGE accumulation, which had taken a dip for quite a while.
The above chart suggests the whales who are holding 100 million to 1 billion DOGE tokens have accumulated over 700 million DOGE in the past 72 hours. These tokens are worth nearly $112 million, which raises the possibility of the price undergoing a significant turn in the coming days. The DOGE price has remained stuck below $0.18 for over a month, and hence a strong rebound from the current levels may begin a fresh rally ahead.
The historical price action of the DOGE price rally suggests the token is heading towards its highs, slowly yet steadily. After closing the previous month on a bearish note, the bulls have regained some dominance. The MACD has just turned bullish and has raised within the positive range, suggesting the rally may remain ascending regardless of the bearish interferences.
Therefore, the Dogecoin (DOGE) price, which is trying hard to maintain a bullish trend, is expected to close the monthly trade above the local highs at $0.2. This could be when a fresh upswing may begin if the bulls display strength at these levels.
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