TLDR
- Bit Origin completed acquisition of 40.5 million Dogecoin for its crypto treasury
- Company aims to become largest publicly traded DOGE holder with $500 million funding plan
- Technical indicators show bullish MACD crossover that previously led to 84%, 194%, and 446% gains
- Whale wallets accumulated over 310 million DOGE in 48 hours following brief profit-taking
- Large trader opened $19.7 million leveraged long position on HyperLiquid exchange
China-based pork processing company and Bitcoin miner Bit Origin announced Monday it completed the acquisition of 40.5 million Dogecoin for its crypto treasury. The firm previously stated on July 17 its goal to become the largest publicly traded DOGE holder.
Bit Origin has entered agreements with investors to raise $500 million through a combination of share sales and debt offerings. This corporate adoption marks a new phase for Dogecoin as companies begin adding the meme coin to their treasuries.
The price action shows DOGE trading in a range between $0.14 and $0.29 for several days. The cryptocurrency turned down from $0.29 on Monday and reached near the 20-day simple moving average at $0.21 on Thursday.
Technical Patterns Point to Potential Breakout
A bullish Moving Average Convergence Divergence (MACD) crossover recently appeared on the charts. Historical data shows similar crossovers preceded rallies of 84%, 194%, and 446%.
The crossover occurred around an ascending trendline that has been in place since early 2023. Analysts project a potential 610% rally from current levels if the pattern follows previous trends.
This would place the price between $0.60 and $0.70. The MACD’s current position below the zero line suggests early-stage momentum building.
DOGE also formed a double bottom pattern on multi-month charts. The cryptocurrency recently broke the neckline of this pattern near the $0.27 level.
The retest occurred after a 40% increase from the second bottom. If the $0.27 level holds as support, it could validate the breakout and lead to further upward movement.
Whale Activity Intensifies
On-chain data reveals large holders accumulated more than 310 million DOGE within the past few days. This buying occurred after a mild pullback earlier in the week.
Santiment data shows wallets containing 100-1000 million and 1-10 billion DOGE have been adding to their balances. The purchase activity coincided with a price recovery.
Past patterns show similar whale accumulation has frequently preceded notable price rallies. The recent accumulation happened during wider market consolidation.
Trading data from HyperLiquid shows a major trader deposited $3.92 million USDC. The trader then opened a long position on Dogecoin with 10x leverage.
The position holds 81.4 million DOGE at an entry price of $0.2435. The total value of the leveraged position stands at approximately $19.7 million.
Dogecoin price broke through a 146-day ascending channel and managed to retest critical resistance levels. The cryptocurrency reached a weekly peak above $0.28 before dipping 4% to $0.2392.
Trading volume increased by 75.86% despite the market cap decline. DOGE shows support forming near $0.23 as buyers attempt to start a recovery from the recent pullback.
The post Dogecoin (DOGE) Price: Whale Wallets Accumulate 310 Million Coins in 48 Hours appeared first on Blockonomi.
Source: https://blockonomi.com/dogecoin-doge-price-whale-wallets-accumulate-310-million-coins-in-48-hours/