240,000,000 DOGE in a Week: Where Is Dogecoin Headed Next?

Whales now control around 12% of Dogecoin's circulating supply. The OG meme coin has performed poorly over the past seven days, with its valuation down 9% and currently trading at approximately $0.08. However, whales have used this as an opportunity to buy at lower price levels, potentially setting the stage for a rebound. Analysts believe DOGE may have reached a critical turning point, with some expecting a major rally ahead. Plenty of Bullish Factors The popular X user Ali Martinez revealed that large investors have accumulated more than 240 million DOGE over the past week. The USD valuation of the stash is almost $20 million, and these market participants now control nearly 19 billion units, or 12% of Dogecoin’s circulating supply. “Large holders continue buying the dip, suggesting confidence may be building ahead of the next potential rebound,” Martinez said. The whales’ activity is only one of the elements signaling that DOGE could be gearing up for a move north. The asset’s Relative Strength Index (RSI) has fallen to the extreme oversold territory of 9. The technical analysis tool runs from 0 to 100, where anything below 30 is considered a buying opportunity, while ratios abo...