Dogecoin (DOGE) price retested $0.09 on Friday morning, bringing its monthly gains above 20%. On-chain analysis pinpoints key indicators that could impact DOGE price action in the days ahead. 

DOGE price entered a bullish breakout on November 17, as crypto investors piled into DOGE in both the spot and futures markets. As investors lean towards high-risk trading, here’s how the DOGE price could react. 

Crypto Whales Have Invested $288M in Dogecoin in November so Far

On November 2, Beincrypto reported how Dogecoin price often rallies in the aftermath of the annual Doge Day celebrations. Barely two weeks later, DOGE price entered another rally from $0.067 to retest $0.09. 

On-chain data reveals that a group of bullish whales buying large amounts of DOGE have been pivotal to the rally. As depicted in the Santiment chart below, the whales (wallets holding 10 million to 1 billion DOGE) had a cumulative balance of 44.63 billion coins as on November 1.

But remarkably, they have acquired an additional 2.75 billion DOGE between November 2 (Doge Day) to bring their balances to 47.38 on November 17. 

With the current market price of $0.09, the newly-acquired 2.75 billion DOGE is worth approximately $230 million. When whale investors make such large purchases within a space of two weeks, it often impacts prices positively. If the whales keep buying DOGE, the bulls could capitalize to stretch the rally further.

Dogecoin is Attracting New Money Despite Rising Prices

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Author: Ibrahim Ajibade

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