Dogecoin Whales Stack 460M DOGE—Is $0.35 the Next Stop?

Dogecoin’s momentum is picking up as whale activity is surging during the dip.

According to Ali Martinez, whales bought 460 million DOGE, buy the dip. This is a big accumulation and it’s giving back investor confidence, DOGE is up 7% intraday.

The timing is right before the FOMC meeting, and despite the initial dip earlier this week, whale activity is creating bullish pressure and DOGE is moving up. This is giving more to the market to be optimistic, DOGE might break through the resistance.

Elon Musk Sparks New Dogecoin Buzz

And to top it off, Tesla CEO and Dogecoin enthusiast Elon Musk is stirring the pot. On January 28, Musk replied to a post by Dogecoin creator Shibetoshi Nakamoto on X (formerly Twitter) with this: “Wanna work at DOGE? Would be kinda perfect.”

Nakamoto’s post was later deleted but Musk’s comment is sending the whole market into a frenzy about potential collaborations or developments for Dogecoin. This is adding to the hype as whale activity and Dogecoin is going up.

DOGE Price Momentum Eyes $0.35

DOGE is currently at $0.3346, low of $0.3092 and high of $0.3386. 7% up and buying pressure is high, especially from whales. According to Martinez, if DOGE reaches $0.35, $766.45 million in short positions will get liquidated and more upward momentum can follow.

Dogecoin Price Chart - Source: Tradingview

Key highlights of Dogecoin’s recent performance:

  • Intraday Movement: A 7% price surge, with sustained bullish momentum.

  • Trading Volume: A rise in daily activity, signaling increased interest from both retail and institutional investors.

  • Short Liquidation Trigger: A potential $0.35 breakout could liquidate significant short positions, amplifying gains.

With whales behind the token and Musk’s influence still strong, DOGE can continue to go up. Whether it can hold and break $0.35 will depend on the market and news.

Dogecoin’s upsurge is showing how important whale activity and people like Musk are in the market. For investors, the question is can DOGE ride this momentum to new heights.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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