Dogecoin whales go on a buying spree amid the recent market dip, signalling massive gains for DOGE price looms amid broader developments. By Coingape Staff 2 hours ago
Highlights
- Dogecoin whales go on an accumulation spree amid the recent market dip.
- DOGE garners additional attention amid latest Elon Musk-related developments.
- DOGE price shot up nearly 7% amid heightened buying.
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Recent Dogecoin whale data sent shockwaves across the broader crypto industry on Tuesday, underlining a highly bullish future for the meme token. Whales have accumulated nearly 500 million tokens amid the recent market dip ahead of the FOMC, bringing heightened buying pressure to the asset. In turn, DOGE price was up nearly 7% intraday, with additional bullish stats weighing in on the token.
Dogecoin Whales On Buying Spree Signal Gains Ahead
In a recent X post, the renowned crypto market analyst Ali Martinez said that Dogecoin whales purchased 460 million tokens amidst the recent market dip. This trade maneuver underscored a potential ‘buy-the-dip’ sentiment prevailing among large-scale investors, signaling further price gains imminent.
Source: Ali Martinez, X
Notably, DOGE witnessed a waning action as the week kicked off, aligning with the broader market trend ahead of FOMC. Nevertheless, the massive Dogecoin whale buying paved a highly bullish path for the asset, with investors’ optimism further cemented by the rising intraday price movement.
Intriguingly, another Elon Musk-related development has unfolded in the sector, garnering additional attention toward the dog-themed meme coin.
Elon Musk Offers Dogecoin Founder Employment
In an X post on January 28, American billionaire and Dogecoin supporter Elon Musk offered Shebatoshi Nakamoto an employment opportunity. Replying to Nakamoto’s post on X, Musk stated, “Wanna work at DOGE? Would be kinda perfect.”
Although the post by Nakamoto was soon deleted, it set off market-wide discussions over potential developments and impact on Dogecoin price. Further escorted by the recent Dogecoin whale data, this saga has additionally fueled optimism about the meme token and its future endeavors.
DOGE Price Builds Momentum
As of press time, DOGE price witnessed an almost 7% uptick in value and is currently trading at $0.3346. The asset’s intraday bottom and peak were $0.3092 and $0.3386, respectively. Notably, the current bullish movement aligns with the heightened buying pressure brought by DOGE whales.
Further, analyst Ali Martinez spotlighted that $766.45 million in short positions will be liquidated if DOGE price rebounds to $0.35. This data further sparked investor enthusiasm over future price actions amid broader bullish developments, with the asset sustaining a pump amid rising market interest.
Source: Ali Martinez, X