Dogecoin Whales Accumulate 660M DOGE in 30-days -Will Price React?

Dogecoin (DOGE) price hit a daily-time frame peak of $0.18 on Monday March 11, after a weekend of steep consolidation. On-chain data trends uncovers how a strategic group of crypto whales accumulating DOGE have driven the rally in the last 30-days. 

Can DOGE price establish steady support above $0.20 in the days ahead? 

Crypto Whales Acquire 660 million DOGE in the last 30 days 

Dogecoin has emerged one of the best performing assets in the top 10 crypto market ranking over the past month, thanks to the booming demand for memecoins. Between Feb 12 and March 12, DOGE price is up by over 130%, despite having retraced from its 2-year peak of $0.21 recorded on March 5. 

However, looking beyond the media rave, on-chain data trends shows how rising whale demand was a major catalyst for the ongoing DOGE price rally.  

Santiment chart below, depicts the total holdings in wallets with at least 1 million DOGE (~$200,000). This strategic group of crypto whales had made smart purchases at the onset of the Dogecoin price rally in mid-February. 

As seen above, the whales grew their cumulative balances from 25.15 billion DOGE on Feb 12 to 25.81 billion DOGE at press time on March 12. 

During this 30-day period, the whales acquired a total of 660 million DOGE valued at approximately $155 million at the current prices. Such a dramatic increase in whale demand within a short period often accelerates bullish momentum. Unsurprisingly, DOGE price has grown 130% during that period. 

DOGE price prediction: $0.20 is the next major resistance.

DOGE price has started the week on the front foot, rising as high as $0.18 on March 11.  However, drawing inferences from the growing whale demand, Dogecoin bulls look set to stage another attempt at breaking above the $0.20 territory.

However, IntoTheBlock’s Global In/Out of the Money (GIOM) data which groups the current DOGE funded wallets according to their historical entry prices, currently shows that the $0.20 resistance could prove daunting. 

As seen below 798,590 addresses had acquired 14.2 billion DOGE at the average price of $0.20. Notably, this is the largest cluster of current Dogecoin holders above the current prices. 

Moving above that key resistance level could catalyze an accelerated price rally toward $0.30. 

Alternatively, the bearish traders could invalidate this positive Dogecoin price prediction if DOGE price fails to hold firm above the $0.15 area in the coming days.

But in this scenario, the 572,720 holders who acquired 55.08 billion DOGE at the average price of $0.16 could mount significant support.