Dogecoin Whales Accumulate Over 100 Million Tokens. Is a Massive Rally on the Horizon?

Large Dogecoin holders have been making bold moves lately, sparking renewed buzz around a potential price explosion. Recent on-chain data shows that wallets holding DOGE have quietly scooped up more than 100 million tokens, hinting at a possible bullish breakout.

According to fresh insights from Bitcoinsensus, Dogecoin could be entering the third and most powerful phase of an Elliott Wave pattern, one that historically signals explosive upward momentum. If this trend holds, DOGE has the potential to climb by a staggering 740%, setting sights on a price target of $1.10.

Smart Money Shows Confidence: Mid-Tier Accumulation on the Rise

Mid-level Dogecoin holders have been steadily increasing their positions, a move often interpreted as a strong signal of insider confidence. These investors, often referred to as the "smart money," typically act ahead of major market moves. Although retail interest remains relatively stable, the quiet accumulation by seasoned players may indicate anticipation of a significant rally.

DOGE Price Update: Signs Point to More Upside Potential

As of now, Dogecoin is trading at $0.1816, up 5.33% in the past 24 hours. Its market capitalization has grown to $27.07 billion, while 24-hour trading volume has dipped slightly to $1 billion, down 1.72%.

Key technical indicators are flashing bullish signals:

• RSI (Relative Strength Index) sits at 58.23, suggesting growing positive momentum but still comfortably below the overbought threshold of 70, meaning there’s room for further growth.
• MACD (Moving Average Convergence Divergence) is also favoring bulls, with the MACD line trending above the signal line and a rising histogram, further supporting the possibility of continued gains.

Strategic Accumulation Could Be Setting the Stage for a Breakout

What’s particularly interesting is that this large-scale DOGE accumulation has occurred without any major headlines or hype-driven campaigns. This type of strategic buying often signals a calculated approach by investors who expect strong future performance, especially when it’s driven by data rather than speculation.

Despite its meme-coin origins, Dogecoin has consistently attracted attention from influential investors. The current buying spree could be an early sign of a larger uptrend. If momentum continues and key resistance levels, like $0.20, are broken, we could see DOGE inch closer to that highly anticipated $1.10 target.