700M Dogecoin Bought By Whales In The Past 72 Hours: 'Price Action Incredibly Similar To That Of Spring 2021,' Says Trader

Dogecoin (CRYPTO: DOGE) has captured the attention of traders, who predict a significant movement may beon the horizon.

What Happened: Technical analyst Ali Martinez recently highlighted substantial acquisitions of Dogecoin. Large holders bought over 700 million DOGE in the past 72 hours, worth around $112 million.

Trader Crypto Kaleo echoed this sentiment, tweeting that he would not be surprised if DOGE spent “a bit longer in this range before sending.”

He likened the current price action to that of spring 2021, “after it had its first initial send from sub one cent to ten cents.”

These parallels between current market conditions and the significant rally Dogecoin experienced in 2021, suggest a similar pattern may be unfolding.

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Why It Matters: The accumulation by whales is often seen as a bullish indicator, as these large holders typically have the resources and insights to influence market trends. Martinez’s observation of the massive purchase underscores the significant interest and potential that high-net-worth investors continue to see in Dogecoin.

Kaleo’s analysis further supports a bullish outlook, writing “If you don’t think the king of memes eventually sends during the meme supercycle, you’re crazy. Just keep stacking.”

Recently, traders have predicted that Dogecoin is this cycle’s “easiest play.” It will double in value “instantly” once it starts moving, Martinez said.

Dogecoin’s significant area of resistance around 17 cents, Martinez added.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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