Dogecoin Whales Invest $250M amid 150% Price Rally: Can DOGE overtake PEPE?

Ibrahim Ajibade
Published: Mar 5, 2024, 07:49 UTC

Key Points:

  • Dogecoin (DOGE) price popped above $0.20 in the early hours of March 5 to bring its weekly gains to the 150% mark
  • Bullish Dogecoin Whales have maintained a bullish outlook acquiring 1.3 billion DOGE between Feb 29, and March, signaling conviction that the price rally could advance even further.
  • The Parabolic SAR indicator suggests that the bulls can firmly in control of the market in the short-term, it current key support level holds.
Dogecoin DOGE Price

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Dogecoin (DOGE) price popped above $0.20 in the early hours of March 5, its highest since December 3, 2024 and bringing its weekly gains to the 150% mark in the proccess. On-chain data shows that whale investors have are still buying millions of dollars worth of DOGE despite prices trending at 3-year peak.  

Can bullish the Dogecoin whales keep up the buying trend long enough to drive the rally above the next milestone price at $0.30? 

Dogecoin Price Rallies 150% to Join Memecoin Mania

The memecoin market has delivered eye-popping gains in the past week. The likes of PEPE and BONK initially led the way, with the first wave of triple-digit gains.  Interestingly,  mega cap meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) have now joined the rally. 

Dogecoin (DOGE) price action | Feb 28 - March 5, 2024 | Source: TradingView
Dogecoin (DOGE) price action | Feb 28 – March 5, 2024 | Source: TradingView

Seemingly inevitably, DOGE price has eventually broken out into triple-digit rally range. As seen above, between Feb 29 and March 5, DOGE has increased by 140% as the price broke above $0.30.

Whales Enter $250 million Buying Spree

The latest Dogecoin rally has seen price soar to a 3-year peak. But interestingly, on-chain data shows a strategic group of whale investors have continued buying DOGE rather than book profits at current prices.

Dogecoin (DOGE) Whales Wallet Balances vs. Price | Source: Santiment
Dogecoin (DOGE) Whales Wallet Balances vs. Price | Source: Santiment

The Santiment chart above depicts real-time changes in the balances controlled whale wallets holding at least 1 million DOGE (~$200,000). The red trendline shows that whale wallets held a cumulative balance of 53.41 billion DOGE as of Feb 29. But at press time on March that figure has skyrocketed to 54.75 billion DOGE. 

This implies that crypto whales have acquired 1.34 billion DOGE worth approximately $250 million within the past week.

When whales keep buying an asset at 3-year peak, it suggests that the momentum is overwhelmingly bullish. With the largest stakeholders angling for gains, retail investors could take a cue and enter bullish positions as well.

Dogecoin Price Forecast: $0.30 is the Key Major Resistance to Beat

Drawing inferences from on-chain data analysis, Dogecoin whales buying spree amid a 140% rally puts DOGE in position to advance toward $0.30 in the weeks ahead. 

At press time, Dogecoin is currently trading at $0.18, just above the Upper Bollinger band indicator. Breaking above the $0.25 psychological support could see DOGE price soar by another 50%.

Dogecoin (DOGE) Price Forecast | Source: TradingView
Dogecoin (DOGE) Price Forecast | Source: TradingView

However, there’s a chance the bears could negate this narrative if the DOGE price loses the vital $0.15 support. However, as depicted by the upper Bollinger band, the support buy-wall at $0.17 could pose a significant challenge to that scenario.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.

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