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Dogecoin (DOGE) traded largely sideways on Monday despite signs of strong accumulation by major investors, as on-chain data showed crypto whales snapped up hundreds of millions of tokens over a short period.
Notably, over the past seven days, the world’s largest meme token surged by nearly 12%, bucking broader selling pressure weighing on several major digital assets.
Meanwhile, popular analyst Ali Charts noted that deep-pocketed investors have been steadily increasing their exposure to the meme coin.
“470 million Dogecoin $DOGE have been bought by whales in the last 72 hours,” he noted on X, pointing to blockchain data that tracks the movements of large holders.
Additionally, analyst Trader Tardigrade pointed out that Dogecoin’s monthly chart has once again reached a historically significant support level that has held for more than a decade.
According to the analyst, this marks the third time the meme coin has tested the long-standing trendline.
“Dogecoin just hit historical support for the third time,” he stated, adding that previous touches of the same support zone resulted in explosive rallies.
According to his analysis, the first encounter with the trendline triggered a major price surge, while the second led to what he described as a “massive pump.” Now, with the third test underway, the analyst suggests the market could be approaching another pivotal moment.
“If you miss this entry, don’t say you weren’t warned,” he added, emphasizing the potential significance of the level.
The pundit also noted that the four-hour chart for Dogecoin recently flashed oversold conditions on the stochastic oscillator, an indicator traders often use to gauge momentum and potential reversals.
According to him, the signal could mark the formation of a short- to mid-term bottom, setting the stage for a possible bounce and a push higher in the coming sessions.
Beyond technical analysis, Dogecoin’s future trajectory may also depend on fundamental developments tied to its broader ecosystem and real-world utility.
Recall that last Tuesday, Elon Musk addressed speculation about integrating digital assets into the upcoming payment features on the social platform X. The comments came as Musk prepares to launch the public beta of X Money, a payments system designed to enable peer-to-peer transactions within the platform.
While Dogecoin was not explicitly included in the initial rollout plans, the conversation sparked renewed debate among the cryptocurrency community about the token’s potential role in future payment integrations.
Musk has long been associated with Dogecoin and has previously expressed support for the meme cryptocurrency as a practical digital payment option.
His comments have historically had a noticeable influence on DOGE’s market performance, often triggering volatility spikes or renewed investor interest.
As a result, some analysts believe that even if Dogecoin is not part of the initial release, future integration with the X payments ecosystem could act as a significant fundamental catalyst.
At press time, DOGE was trading at $0.095, reflecting a 0.75% boom in the past 24 hours.
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Source: https://zycrypto.com/crypto-whales-scoop-up-470-million-dogecoin-in-72-hour-buying-spree/
