Dogecoin Price Stalls as Whales Accumulate
Dogecoin (DOGE) has been trading around $0.1743 for a few days. This price is 36% higher than its lowest point this year. Despite the price stagnation,on-chain data suggests that large investors are buying more DOGE.
Santiment data shows that holders with 1 million too 10 million coins have increased their holdings by 200 million. Similarly, larger holders have boosted their positions by 2.12 billion.
Whale accumulation is a good sign, especially in a bear market. These investors might be anticipating a spot DOGE ETF approval by the SEC. As Dogecoin is a proof-of-work cryptocurrency, the SEC is not worried about it being a security.
Though,Dogecoin’s price has stalled for two reasons. First, there’s a shift from customary memecoins to newer ones on the Solana ecosystem. Second,Elon Musk hinted at scaling back his work for the Department of Government Efficiency. This could hurt investor sentiment.
Technically, the DOGE price has formed a symmetrical triangle pattern. There’s a risk of a bearish breakdown to $0.10. But if it moves above $0.2796, the bearish outlook will be invalidated.
Dogecoin was created in 2013 by Billy Markus adn Jackson Palmer, inspired by the “Doge” meme. Its popularity surged due to Elon Musk’s endorsements.
