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The Dogecoin (DOGE) whale is making an interesting comeback to the market due to recently discovered on-chain acquisition activity. As discovered by top market analyst Ali Martinez on X, DOGE whales have acquired 1 billion DOGE in the past 24 hours.
Dogecoin whale resurgence
Given the current bearish situation in the crypto market, it is still interesting to see continued interest in certain crypto projects. Since early October, the broader digital currency ecosystem has been in bearish reversal mode as geopolitical tensions in the Middle East threaten the global financial ecosystem.
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Dogecoin price fell by 5.89% in October. However, current prices indicate a reversal of the negative trend. At the time of writing, DOGE price is up 1.79% in 24 hours to $0.1078. With the new bullish trend, it remains impossible to isolate the role of Dogecoin whales in driving this trend.
Based on Ali Martinez’s insights, the total amount purchased by DOGE exceeded $108 million in 24 hours. Apparently, Whale investors took the price drop over the past few days as a deep discount that helped them increase their exposure to the coin.
Dogecoin whales are especially known to take advantage of this price trend, as we have observed over the past few months.
DOGE price to $0.20?
In the heat of the recent sell-off, DOGE’s price lost one zero and traded as low as $0.08937. However, the rapid recovery in memecoin prices indicates that more ambitious growth is on the way.
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Dogecoin price now has a new target of $0.20, a level the coin has not retested since April of this year. If the whale hug continues, reaching this level in the coming weeks is still possible.
So far, DOGE’s price has continued to grow ahead of major rivals like Shiba Inu, a sign of further growth to come.
