Dogecoin Whales Go Wild: Is a Major Breakout Imminent?
Dogecoin (DOGE) is experiencing a powerful resurgence, fueled by unprecedented whale activity. Crypto analysts report a staggering accumulation of 1.08 billion DOGE by whales in just the last 48 hours. This massive buying pressure mirrors the overall bullish momentum sweeping the crypto market, as Bitcoin recently hit new all-time highs. DOGE itself has surged, climbing 3.53% in 24 hours to reach $0.247, extending a five-day winning streak since mid-July. A key catalyst for this renewed enthusiasm appears to be the recent passage of the pro-crypto GENIUS Act. Adding to the bullish sentiment, publicly traded Bit Origin announced plans to raise $500 million specifically to acquire Dogecoin for its digital asset treasury. This signals growing institutional interest in the meme-based coin. Analysts are now eyeing Dogecoin for a significant bullish breakout after months of stalled price action. DOGE has already soared over 48% in the past month. Experts believe the chart is forming a classic double bottom pattern, a historically reliable reversal indicator. Having decisively broken out of a long-term descending channel and overcome the $0.20 resistance barrier, Dogecoin's next major target is set at $0.36. With large investors positioning for a substantial move, the stage is set for potential significant upward pressure as traders anticipate further market entry.
