Dogecoin Whales Accumulate $89M as Ecosystem Advances

What’s Next for DOGE’s Price?

The crypto market showed signs of recovery heading into Christmas, sparking hopes of a holiday rally. Among the standout moves, Dogecoin (DOGE) whales accumulated 270 million tokens worth approximately $89.64 million in the last 96 hours, according to crypto analyst Ali.

Such significant accumulation often occurs during price consolidations or dips, signaling potential optimism for price gains. DOGE is currently stabilizing after a market-wide sell-off pushed its price to $0.261 on December 20.

Dogecoin Foundation Advances Ecosystem Development

Meanwhile, the Dogecoin Foundation has been hard at work enhancing the ecosystem. Recent updates suggest that its open-source software is nearing readiness for broader adoption. The foundation’s initiatives include bridging gaps for Dogecoin as a payment mechanism and creating tools to drive grassroots adoption in emerging markets.

The 2024 Dogecoin ecosystem report hints that these advancements could open doors for businesses to commercialize Dogecoin’s solutions, expanding its use cases to non-technical audiences and strengthening its position as a preferred payment solution.

What’s Next for DOGE’s Price?

Dogecoin recovered from its $0.261 low, hitting $0.34 on December 24. At the time of writing, it trades at $0.332, up 3.93% in the last 24 hours but down 15% weekly.

For upward momentum, DOGE faces resistance at $0.349 and the 50-day moving average at $0.373. A breakthrough could propel the price toward $0.43. On the downside, key support levels lie at $0.27 and $0.23, with the 200-day moving average providing strong support at $0.182.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Dogecoin Whales Accumulate $89M

Sujit Kumar

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.