Dogecoin whales grab 2B DOGE in a week – price go boom?

As the generally positive sentiment in the cryptocurrency industry continues to raise tokens’ prices higher and sometimes even to new all-time highs (ATHs), Dogecoin (DOGE) is one of the digital assets benefiting from the renewed hype.

Indeed, crypto whales have scooped up as much as 2 billion DOGE coins in the last seven days alone, indicating an astonishingly high interest coming from the market’s largest holders, according to the data shared by renowned professional crypto trader Ali Martinez in an X post on August 14.

Why is Dogecoin going up?

As it happens, the number of whale purchases of Dogecoin soared from around 25.5 billion DOGE on August 6 to 27.6 billion on August 13, which makes a difference of about staggering two billion grabbed in mere days, as the price of Elon Musk’s favorite crypto asset continued to rise.

Indeed, over the past seven days, the price of DOGE has increased by 11.84%, adding to the 23.65% growth on its monthly chart, although in the last 24 hours, the situation has taken a slight turn downwards, losing 3.5% on the price that currently stands at $0.2380, per CoinMarketCap data.

Will Dogecoin reach $1?

Recently, Dogecoin flashed a bullish indicator that suggested it might end up at $0.27 very soon, as Martinez observed it had formed a bullish flag on the hourly chart two days before. Additionally, DOGE formed a ‘golden cross’ where the short-term moving average (MA) crossed above the long-term MA.

If the favorable sentiment sticks around for longer, Dogecoin could actually surpass the $0.27 target and proceed to $0.36, after which $0.70 could be in the cards, possibly even attaining the psychologically crucial level at $1 in the next several months.