Dogecoin Price Stalls as Whales Accumulate
Dogecoin (DOGE) has been trading around $0.1743, a level it has maintained for several days. This price is 36% higher than its lowest point this year.
On-chain data from santiment reveals that large investors, or whales, are buying more DOGE. Holders with 1 million to 10 million coins have increased their holdings by 200 million. similarly, those with 100 million to 1 billion coins have added 2.12 billion to their stash.
Whale accumulation is usually a good sign, especially in a bear market. These investors might be betting on a spot DOGE ETF approval by the Securities and Exchange commission. Since Dogecoin uses proof-of-work, the SEC is less likely to view it as a security.
However, DOGES price has stalled for two reasons. First, there’s a shift from customary memecoins to newer ones on the solana network. Second, Elon Musk may reduce his involvement in the Department of Government Efficiency, perhaps affecting investor sentiment.
Technically, DOGE has formed a symmetrical triangle pattern. This could lead to a bearish breakdown, possibly to $0.10. But if it breaks above $0.2796, the bearish outlook will be invalid.
Dogecoin was created in 2013 by Billy Markus and Jackson Palmer, inspired by the “Doge” meme. Its popularity surged thanks to endorsements from Elon Musk.
