Deep-pocketed digital asset investors are gobbling up massive amounts of the leading meme token Dogecoin (DOGE).
Trader Ali Martinez tells his 116,800 followers on the social media platform X that while retail investors are getting distracted by the recently launched Official Trump (TRUMP) memecoin, crypto whales heavily accumulated DOGE to the tune of $640.5 million in just two days.
“While everyone focuses on TRUMP, whales bought 1.83 billion Dogecoin DOGE in [48 hours!]”
At time of writing, DOGE is trading for $0.35.
Looking at TRUMP itself, Martinez predicts that the memecoin will surge above $50 if it takes out the diagonal resistance of a falling wedge pattern.
A falling wedge structure is often viewed as a bullish reversal pattern as it suggests that selling pressure is losing momentum.
“TRUMP seems to be forming a falling wedge on the lower time frames, suggesting a potential consolidation toward the apex before a rebound to $54.”
At time of writing, TRUMP is worth $32.48.
As for the Solana (SOL)-based meme token dogwifhat (WIF), the trader thinks the altcoin is moving inside a large parallel channel – a pattern suggesting that the asset is in a sideways trend as it respects both the support and resistance levels.
With WIF trading close to the pattern’s support level at $1.35, Martinez believes that it’s almost time for the altcoin to spark rallies.
“We could see further consolidation around the channel’s lower boundary before an upswing toward $5!”
At time of writing, WIF is worth $1.37.
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Generated Image: Midjourney
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