Whale Accumulation Triggers Dogecoin Price Rally Prediction

Crypto analyst Ali Martinez believes Dogecoin ($DOGE) is poised for a price rally, despite its recent 3.6% decline over the past 24 hours. This decline was triggered by the vote on the CLARITY Act in the United States Senate, which aims to regulate the cryptocurrency industry.

Despite this setback, Martinez notes that Dogecoin's large whales have accumulated over 240 million coins between September 9 and 14, increasing their holdings to nearly 19 billion or approximately 12.18% of its total supply. This accumulation suggests rising demand from whale traders.

Martinez based his bullish thesis on this memecoin on the UTXO Realized Price Distribution (URPD), an on-chain metric that shows where investors acquired their coins. He argues that Dogecoin's price has formed a strong on-chain support level around $0.0813, which held 35 billion coins in its previous trading range.

As long as this level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as the next upside targets, according to Martinez.