The Dogecoin price could soon witness another price rally following a recent accumulation trend from crypto whales. Onchain data shows that these whales have bought billions of DOGE tokens in the last week, which could trigger a price surge for the foremost meme coin. 

Dogecoin Price Could Rally As Whales Buy Over 2 Billion DOGE

The Dogecoin price could surge as whales have bought 2.07 billion DOGE tokens in the last week. Data from the market intelligence platform IntoTheBlock shows this was the large holder’s netflow over the seven days. This netflow refers to the difference in how much these Dogecoin whales withdrew from exchanges and how much they transferred to exchanges. 

Interestingly, Bitcoinist reported that these Dogecoin whales bought over 1 billion DOGE tokens ($108 million) in under 24 hours, further highlighting the pace at which they have accumulated the foremost meme coin. This accumulation trend among these whales is undoubtedly bullish for the Dogecoin price, as it could trigger a rally for the meme coin. 

Crypto analyst Ali Martinez also indicated that the price rally is imminent, considering how these whales want to gain exposure to the foremost meme coin. He stated that the number of large transactions on the network continues to rise, suggesting that institutional players and DOGE whales are positioning themselves for a potential upside move. 

These investors will hope that the next Dogecoin price recovery will kickstart the meme coin’s bull, considering that DOGE has so far lagged behind the broader crypto market, including other meme coins. Although DOGE boasts a year-to-date (YTD) gain of over 21%, it is nothing compared to the price gains that o

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Author: Scott Matherson