In recent days, wealthy digital asset investors have been acquiring large quantities of the popular meme token Dogecoin (DOGE).
Analyst Ali Martinez shared with his 116,800 followers on X that while retail investors are paying attention to the newly launched Official Trump (TRUMP) memecoin, crypto whales have been aggressively accumulating DOGE, amassing $640.5 million worth in just 48 hours.
“While everyone is focused on TRUMP, whales have purchased 1.83 billion Dogecoin DOGE in just 48 hours!”
As of now, DOGE is trading at $0.35.
Regarding TRUMP, Martinez predicts that the memecoin could surpass $50 if it breaks the diagonal resistance of a falling wedge pattern.
A falling wedge formation is typically seen as a bullish reversal pattern, indicating that selling pressure is diminishing.
“TRUMP appears to be forming a falling wedge on lower time frames, hinting at potential consolidation towards the apex before a rally to $54.”
Currently, TRUMP is valued at $32.48.
Regarding the Solana (SOL)-based meme token dogwifhat (WIF), Martinez believes the altcoin is trading within a large parallel channel, indicating a sideways trend as it respects both support and resistance levels.
With WIF trading near the support level of $1.35 in the pattern, Martinez anticipates an upcoming rally for the altcoin.
“We might witness further consolidation around the lower boundary of the channel before a surge towards $5!”
Presently, WIF is priced at $1.37.
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Image Credit: Midjourney
