Dogecoin Whales Accumulate 200 Million Coins Amid Price Consolidation

According to U.Today, crypto analyst Ali has reported a significant accumulation of Dogecoin by large holders, also known as whales, over the past five days. Since May 30, these whales have added an impressive 200 million DOGE to their holdings. This activity coincides with a period of price consolidation for Dogecoin. After reaching a high of $0.174 on May 26, the cryptocurrency's price has been trading within a range, a trend that continues to date. Whales typically purchase during periods of price declines or consolidation, aiming to acquire at a discount. This trend of accumulation among Dogecoin whales became noticeable in late May, with blockchain data trackers noting significant DOGE transactions from wallets and exchanges. On May 31, Ali reported that Dogecoin whales purchased over 700 million DOGE within a 72-hour period, valued at $112 million at the time. This substantial accumulation suggests that these large holders may be positioning themselves for a significant price shift as the Dogecoin price consolidates. At present, Dogecoin faces its next major resistance near $0.174. Ali predicts that once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322. At the time of writing, Dogecoin was down 2.83% in the last 24 hours to $0.157. A break below the 50-day SMA at $0.1541 might swing the short-term advantage in favor of the bears, potentially leading to a drop toward $0.14. However, a possible scenario remains that of consolidation, with Dogecoin trading in a range between $0.18 and the 50-day SMA for a while. If Dogecoin rebounds, the price might aim next to the $0.174 level. A sustained breach might aim for the $0.21 level in the short term.