Dogecoin could reach $0.40 by September due to increased whale activity.
The current behavior of Dogecoin (DOGE) whales is worth noting, as they are currently making significant movements in the market. This recent whale activity, signaling potential bullish breakout, has reached its highest level in a month, with transactions totaling over $90 million in DOGE being transferred between exchanges and unknown wallets. When whales, or large institutional investors, move such large volumes, it usually indicates that a major event is on the horizon.
The data from August 13th reveals a spike in transactions over $1 million, the highest level seen since mid-July. This uptick in activity, with more than 100 large transactions occurring daily, is a clear sign that something significant is afoot. Of particular interest is the movement of over 400 million DOGE tokens, worth $90 million, between Robinhood and undisclosed addresses. This kind of movement is not typical of retail investors but rather points to strategic positioning by institutional-level players. It suggests that big movements may be on the horizon for DOGE.
Looking at the technical setup, the 4-hour DOGE/USD chart indicates that bullish momentum may be waning, but if bulls regain control, we could see a challenge of the $0.256 resistance level. Breaking through this resistance could potentially lead to a test of the July high at $0.28, ultimately paving the way to the coveted $0.40 target. Key support rests at $0.1874, last week’s low, with the setup looking particularly favorable given the combination of whale accumulation and technical indicators.
With such significant amounts of money being moved, it is clear that major price movements could be imminent. It is not a question of if DOGE will move, but rather when and by how much. Several factors suggest that September could be a explosive month for DOGE. Whale accumulation patterns often precede major price movements by weeks, indicating that early to mid-September could see significant action.
Furthermore, the broader crypto market is displaying renewed strength, which historically benefits meme coins like DOGE. Strong performances by Bitcoin and Ethereum typically lead to increased appetite for higher-risk assets among retail investors. The $0.40 price target represents a substantial 80% gain from current levels, which, although significant, is realistic given DOGE’s volatility. Keep an eye out for continued whale accumulation, social media buzz, and overall market sentiment, as these factors could play a crucial role in DOGE’s journey to the $0.40 mark.
