TL;DR

The cryptocurrency market revival in the past ten days or so has benefited certain assets more than others, with the leading meme coin being a prime example. Dogecoins price rocketed to a two-month peak, while whales have started accumulating en masse, and large traders are opening sizeable longs. Whales bought 1.08 billion Dogecoin $DOGE in the last 48 hours! pic.twitter.com/vQapyIncRN

Data shared by Ali Martinez shows that large DOGE holders have expanded their holdings by more than a billion coins within the span of just two days. To put this amount into a USD perspective, its valued at over $250 million at current prices.

This accumulation comes at a time when the OG meme coins price has gone through the roof. Recall that it traded at $0.19 on Tuesday, which was a crucial support line. After it bounced off it on a couple of occasions, DOGE went on a roll, shipping beyond $0.25 and reaching its highest price tag since the second week of May.

Moreover, Dogecoins price has soared by more than 80% since its bottom on June 23 during the Israel-Iran war.

Aside from whales buying spot, large leverage players have also caught the move upward. Lookonchain reported that an anonymous whale closed a long DOGE position at the top yesterday, profiting more than $2 million. Later, they opened another one, worth over $21 million, going 10x long on the meme coin.

Whale 0x6adb closed his $DOGE long at the top yesterday, locking in a $2.14M profit.

10 hours ago, he jumped back in — going 10x long on 84.08M $DOGE($21.24M), with an unrealized profit of $1.64M.

Smart moves! https://t.co/f3FekXx5yg pic.twitter.com/zc2tYXnLeP

From a technical standpoint, analysts believe Dogecoin is poised for a surge to $0.36 or even $0.54, as long as it remains above the critical support level at $0.2.