- Crypto market cap climbs to $3.87T, altcoins outperform Bitcoin’s gains.
- Whales buy 230M DOGE in a day, following August 6’s 1B DOGE surge.
- DOGE eyes breakout above $0.22, could target $0.28–$0.29 next.
The crypto market shows a strong recovery rally today, with its total market value climbing to $3.87 trillion, up 3.59%.
Altcoins surged over Bitcoin’s modest gains of just over 2%, as Ethereum jumped more than 7% to cross $3,900, and XRP surged nearly 13% on lawsuit dismissal news. Dogecoin, Cardano, and Solana also recorded strong increases, while Stellar led the pack with over 16% growth.
Dogecoin Whales Keep Buying
However, one altcoin has caught the attention of whales. Dogecoin (DOGE) has seen major whale activity in the past day, with large holders purchasing more than 230 million DOGE, according to analyst Ali Martinez. This follows a surge on August 6, when whales bought over 1 billion DOGE in 24 hours.
Martinez also added that Dogecoin is trading in a historically strong “buy zone,” a range that has triggered significant rallies in past market cycles. At the time of writing, DOGE is up over 8% and recently broke a key resistance level at $0.218.
What Does This Mean for the DOGE Price?
Dogecoin has managed to hold its ground above a key support zone between $0.165 and $0.202, a level that experts say is important for keeping its bullish trend alive. Over the weekend, DOGE briefly dipped toward $0.19, but buyers stepped in quickly, preventing a deeper drop.
Today’s DOGE Outlook: This whale buying is impacting the daily chart. Here’s our specific Dogecoin price prediction for today, August 8.
This recent bounce could be the start of a recovery phase. The next major test for the meme coin sits between $0.209 and $0.22, an area that has acted as both support and resistance in the past. A strong confirmed move above this range, especially with rising trading volumes, could pave the way for a sharp rally toward the $0.28–$0.29 zone, a level not seen in months.
On the other hand, if Dogecoin fails to clear the $0.216 barrier, it may face renewed selling pressure, with the risk of another pullback toward $0.16. A successful breakout could mark the start of the next bullish wave for the popular cryptocurrency.
But not all whales agree. While whales are buying DOGE, they’ve been selling another major altcoin. Here’s CoinEdition’s report on XRP whale activity.
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