Strong whale buying could be powering Dogecoin (CRYPTO: DOGE) as the memecoin rallied over 9% in a week.
Whale Accumulation Alongside DOGE’s Rally
Widely followed cryptocurrency analyst Ali Martinez highlighted in an X post late Sunday that as many as 470 million DOGE tokens were snapped up by large investors over the last 72 hours. The accumulation totaled roughly $45 million at prevailing prices.
Big Moves In Spot ETFs, Derivatives
Exchange-traded funds echoed the bullish trend, with the Grayscale Dogecoin Trust ETF (NYSE:GDOG), 21Shares Dogecoin ETF (NASDAQ:TDOG), and Bitwise Dogecoin ETF (NYSE:BWOW) pulling in a combined $972,460 in net inflows this month, according to SoSo Value, a whopping 285% surge already from February.
Whales were also placing massive bets on DOGE in the derivatives market. The ratio of long and short accounts by top traders —top 20% users with the highest margin balance—was 2.44 as of this writing, according to Coinglass.
Moving Average Indicators Paint A Bullish Signal
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, typically the 12-period and the 26-period, flashed a “Buy” signal for DOGE, according to TradingView.
Additionally, the 10-day, 20-day, 30-day, and 50-day moving averages all signaled a bullish phase.
Conversely, the Commodity Channel Index, which measures the difference between the current price and the historical average price of an asset, signaled “Sell.”
Meanwhile, Dogecoin’s official X handle continued to engage with the community through its quirky humor. The latest post showing a Shiba Inu in a bedroom full of DOGE merchandise, including “To the Moon” posters.
“Mom, it's not a phase, it's a lifestyle,” it wrote, catching on to the viral TikTok trend from 2021.
Price Action: At the time of writing, DOGE was trading at $0.1005, down 1.28% over the last 24 hours, according to data from Benzinga Pro. The memecoin’s trading volume jumped 65% in this period to $2.36 billion.
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