Popular analyst Ali Martinez dropped an interesting on-chain revelation regarding major cryptocurrencies Dogecoin (DOGE). Thus, citing on-chain data, Martinez emphasizes the growing interest in Dogecoin, with major investors collectively purchasing 140 million DOGE in the past 24 hours.

This amount of DOGE equates to $56 million at the current price per Dogecoin, which is over 2% of the daily volume of $2.64 billion – in short, a lot. Currently, DOGE price is approaching a major resistance area at $0.40.

Perhaps the possibility of a significant breakout to the upside is what prompts major investors to buy the meme currency. These are wallets that hold between 1 million DOGE and 100 million DOGE, meaning the smallest of this group owns at least $400,000 worth of Dogecoin.

if Doug If the breakout is successful, the price could rise to $0.46, which is the next resistance level, and where DOGE saw its yearly high in 2024. With the all-time high from 2021 still at $0.75 per DOGE, Bitcoin is renewing its value almost every day. . In the new week, the temptation for whales to push the meme coin to this coveted mark may be as strong as ever in these four years.

The recent acquisition of whales may also indicate confidence in the broader market trend in favor of altcoins. It also raises speculation about whether DogecoinBuoyed by its loyal community and market momentum, it can attempt to regain its former glory.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.