Dogecoin Whales Scoop 160M DOGE, Holdings Hit 5-Year High ⋆ ZyCrypto

Dogecoin (DOGE) had posted an intraday gain of 3.62% to trade at $0.093 at press time. The meme coin’s gains mirror a notable recovery in the broader crypto market, with Bitcoin briefly reclaiming $73k. These gains have drawn the interest of Dogecoin whales who have scooped up 160 million tokens in the last 24 hours, with their holdings surging to the highest level since January 2021.

Dogecoin Whale Holdings Surge By 160M DOGE

Data from Satiment shows a massive surge in holdings by whale wallets holding between 1 million and 10 million DOGE tokens. According to on-chain metrics platforms, this wallet’s holdings surged from 10.98 billion to 11.05 billion within 24 hours. Following this purchase, the holdings of these wallets are at their highest level in five years.

The chart also shows a gradual accumulation since early December, with these wallets purchasing over one billion tokens. Such purchasing behaviour shows that, after the crash to two-year lows, an accumulation phase began as large wallets scooped up DOGE at lower prices. 

The trend is consistent with whale behaviour, where these wallets tend to buy low and sell at higher prices, booking notable profits. If this trend continues as retail chases quick profits from the recent uptrend, it could create a supply shock that pushes Dogecoin price higher. 

Binance Open Interest Surges as Analyst Eyes Rally to $3

Data from Coinglass shows a surge in futures traders’ interest in Dogecoin. On Binance, open interest in DOGE has risen to $244 million, the highest level since February 1. This surge could drive volatility in the coming days, and if there is a build-up of long positions, it will show a bullish bias that could shift sentiment.

Amidst the rising open interest, an analyst on X has predicted that the Dogecoin price could surge to $3. According to TardiGrade, Dogecoin has returned to a historical bottom support level, and if it holds, the meme coin could be on the verge of gains.

Per his analysis, a strong bounce from this support at $0.10 could trigger a massive rally that propels DOGE to $3. The analyst also noted that the meme token tested this support in 2017 and again in 2021, and during those two instances, a strong rally ensued.