The memecoin frenzy has taken the crypto world by storm, and Dogecoin (DOGE) is riding the wave. DOGE’s price soared above $0.20 on March 5, its highest point since December 2022, with weekly gains exceeding 150%.
Fueling this rally are the crypto whales – investors holding at least 1 million DOGE (around $200,000). Data shows these whales have been aggressively buying DOGE, even as prices near three-year highs.
Between February 29 and March 5, whale wallets increased their DOGE holdings from 53.41 billion to 54.75 billion. That’s an additional 1.34 billion DOGE worth approximately $250 million acquired in just one week.
When whales double down like this, it signals extremely bullish sentiment. Their actions could encourage more buying from retail investors, further driving up DOGE’s price.
The key level to watch now is $0.30. DOGE is currently trading around $0.18. A breakout above $0.25 could see a 50% price surge towards the $0.30 milestone.
However, the bullish momentum could stall if DOGE loses the $0.15 support level. But the support buy wall around $0.17 may prevent such a downturn.
As the meme coin craze continues, all eyes are on the crypto whales and whether their massive DOGE buying can propel the price beyond $0.30.
