Dogecoin (DOGE) has seen significant accumulation among large holders, with wallets containing at least 100 million DOGE now controlling a record 108.52 billion DOGE, valued at approximately $11.6 billion. This surge in holdings coincides with a notable 23.50% price rebound for DOGE, suggesting that whale activity is playing a crucial role in supporting its recent price movements. On April 28, a spike in transactions was observed, with 739 transfers exceeding $100,000—the highest in six months—following the launch of a physically backed Dogecoin ETP on Germany’s Xetra platform.
From a technical analysis perspective, DOGE appears to be at a pivotal point, having entered a breakout stage from a descending triangle pattern. While such patterns typically indicate bearish sentiment, historical precedents, like Bitcoin’s breakout in 2021, suggest that upside movements are possible, with a target price of around $0.131 for May. Achieving this level would not only surpass key moving averages but also alleviate selling pressure from large holders.
Market professionals should closely monitor DOGE’s price action around the $0.115 to $0.132 range, as reclaiming these levels could signal a shift towards a bullish trend, while a rejection may lead to a revisit of recent lows near $0.088.
Source: cointelegraph.com