• Whales have accumulated another 100 million DOGE in the last 24 hours
• Funding rate for Dogecoin Futures stood at 0.0029

Dogecoin (DOGE), the popular memecoin, is currently navigating a consolidation phase, as evidenced by the formation of a triangle pattern. Also, recent whale activity underlined the accumulation of 100 million DOGE in the last 24 hours – A sign of growing confidence and demand in Dogecoin’s future value.

What’s behind DOGE’s accumulation?

Whale activity has always been a key influencer in the cryptocurrency market, and Dogecoin is no exception. According to an analysis, whales have accumulated an additional 100 million DOGE in the last 24 hours.

Such moves by large investors typically create price momentum as they reduce the available supply in the market. This hike in demand, combined with the confidence displayed by whales, can have a ripple effect, influencing smaller investors and potentially driving the price higher.

Also, this accumulation seemed to align with the slightly bullish market sentiment indicated by the funding rate. This further hinted that Dogecoin might be gearing up for a potential price hike on the charts.

Preparing for a price breakout?

AMBCrypto’s analysis revealed the formation of a clear triangle pattern on the 1-hour chart, indicating a consolidation phase. Such a pattern often precedes a breakout, either upwards or downwards, and the direction of this breakout will be pivotal.

If the price breaks upwards, it would validate the bullish sentiment driven by whale accumulation and positive funding rates. However, a southbound break could signal the continuation of the prevailing bearish trend.

On the contrary, the RSI chart revealed that DOGE has been fluctuating within neutral territory, without entering overbought or oversold conditions recently. This means that while volatility exists, the

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Author: Clinton Otieno