DOGE Whales Load Up as Resistance Zone Looms

The Dogecoin (DOGE) price has surged by over 15% in the past week, but can it continue its upward momentum? The answer may lie in the actions of large-scale investors and financial vehicles tracking the meme coin.

Data from crypto analyst Ali Martinez suggests that 'whales', a colloquial term for large market participants, have been buying up DOGE tokens at an impressive rate. Over the past 96 hours, these whales have acquired over 1.14 billion tokens, valued at around $112 million at current prices.

Martinez believes that this accumulation of DOGE by whales may be a sign of positioning for a bullish breakout. However, the meme coin faces significant resistance at $0.098, where roughly 28 billion DOGE previously traded. If it manages to break through this barrier, the next major supply wall sits at $0.11.

The spot DOGE ETFs, which allow investors to track the price of Dogecoin on Wall Street, have also seen a surge in interest. After failing to attract attention for months and leading to the closure of one fund, these financial vehicles have reached a new all-time high in terms of weekly inflows, attracting nearly $2.90 million.