Meme coin whales have been more active since Elon Musk bought Twitter. Many market analysts, including Santiment, predicted a frenzy on the Dogecoin (DOGE) network when the world’s richest person took over Twitter. Current DOGE price movements confirm this.
Meme coin whales getting ready for a big rally?
Ali Martinez, whose analysis we share as Kriptokoin.com, detected a 4-month peak in whale-like transactions in the DOGE network. He said DOGE whales (those with more than $100,000 in DOGE) have traded over 2,400 DOGEs in the past 24 hours. Martinez adds that the volume of these transactions only represents whales. He says he bought the whales in anticipation of a massive DOGE price increase.
The chart above shows whale activity showing potential price action. Doge whales made 2,400 purchases of over $100,000 each at $0.14, indicating they are predicting a significant price increase.
Twitter news triggers DOGE boom
Martinez also covers DOGE price action after self-proclaimed Dogefather Elon Musk bought Twitter yesterday. On the 7-day chart, DOGE broke out of the descending wedge pattern and the next key support is $0.24. The analyst says this bullish wave should stay above the $0.13 support level. DOGE warns that if it breaks below this $0.13 support, it may be difficult to hit the $0.24 price target:
DOGE seems to be heading towards $0.24 after breaking out of the falling wedge pattern on the weekly chart. Failure to hold above the $0.13 support could invalidate the bullish outlook for DOGE.
Dogecoin liquidation reached 133 million in the last 24 hours
Short-term DOGE liquidations were expected. In the last 24 hours, Coinglass has reported almost 133 million DOGE liquidations (worth over $20.14 million). This liquidation volume places DOGE in the third place among the most liquid cryptocurrencies after BTC and ETH. The data also reveals that more than 70% of liquidations came from short-term investors who opened positions in anticipation of DOGE price drops.
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