Whale accumulates 175M DOGE as market anticipates rally

A significant transaction involving a Dogecoin (CRYPTO:DOGE) whale has captured market attention, with the transfer of 175 million DOGE valued at approximately $54.68 million from Binance to an undisclosed wallet.

This move, reported by Whale Alert, comes amid a broader cryptocurrency market downturn on January 27, 2025, where Dogecoin has emerged as a focal point for traders and investors.

The recent surge in whale activity signals strong accumulation, which analysts interpret as a potential precursor to a bullish rally.

In the last 48 hours, around $72 million worth of DOGE has been withdrawn from exchanges, further indicating accumulation trends among large-scale investors.

Dogecoin has seen a slight increase of 2.04% over the past day, despite a 2.41% decline over the week.

Trading volume has surged by 180%, reflecting heightened market interest and activity surrounding the meme coin.

Analysts suggest that DOGE is trading near critical support levels around $0.30, which historically have triggered upward price movements.

They predict a possible breakout of approximately 30%, potentially pushing Dogecoin's price to $0.42 in the near term.

The Long/Short ratio stands at 1.15, with 53.50% of top traders holding long positions, indicating bullish sentiment among market participants.

As Dogecoin continues to attract attention from investors and traders alike, the increased whale activity and reduced supply on exchanges hint at an optimistic trajectory for the cryptocurrency.

At the time of reporting, the Dogecoin (DOGE) price was $0.3358.