Dogecoin Whales Scoop Up 100M DOGE in a Week, Fueling $0.20 Breakout Hopes

Dogecoin is back in the spotlight, as recent whale activities and a flurry of bullish projections have reignited hopes for a major breakout above the elusive $0.20 mark.

Over the past seven days, large holders have accumulated an impressive 100 million DOGE, sparking widespread speculation of a pending rally.

The move comes amid rising optimism from both retail investors and institutional voices, including a surprising endorsement from 21Shares, a leading crypto research firm and ETP issuer.

A recent post by JustDoIt on CoinMarketCap summarized the sentiment succinctly:

Although a $5 target may seem overly ambitious to some, there is growing consensus that DOGE’s future may be brighter than many originally thought.

21Shares published a detailed research note on April 30, arguing that Dogecoin has matured into more than just a meme.

The firm asserted that DOGE is now “a smart addition to your portfolio,” and presented data-backed models demonstrating improved returns and Sharpe ratios when a traditional 60/40 portfolio is supplemented with modest DOGE exposure.

According to the study, even a 1% allocation to DOGE could increase average annual returns to 8.95%, with manageable drawdowns.

More importantly, the research outlined three scenarios for Dogecoin’s price trajectory.

In the bearish case, a modest 10% annual gain from its 2021 peak would land DOGE at $0.38 by 2025.

The neutral scenario, assuming Dogecoin retains its memecoin leadership with a smaller market share in a $5 trillion crypto market, would value the token around $1.

In the bullish case, 21Shares projected DOGE could reach $1.42 if it replicates its historic compounded growth, driven by renewed memecoin mania, real-world utility, and platform integration, particularly with Elon Musk’s X.

Whale Watching and a Technical Rebound: DOGE’s Near-Term Prospects

While the long-term vision is compelling, the short-term outlook for Dogecoin is equally captivating.

After a nearly 15% rally in the past two weeks, DOGE reached a local high of $0.19 on April 26 before retracing to around $0.18.

Technical analysts believe this recent move may have completed a breakout above $0.175, a key resistance level.

Trader Tardigrade declared that DOGE’s push past $0.175 indicates a breakout that could lift the token above $0.20 in the coming days.

CryptoBullet supported this view, noting that DOGE appears to be forming a classic “accumulation cylinder,” which historically precedes a sharp upward move.

Their bullish forecast projects a potential cycle peak of $3.20, followed by a drop back to current levels by 2027.

Whale accumulation remains a powerful bullish indicator. Ali Martinez reported that large DOGE holders (those with 1M–10M DOGE) acquired 100M tokens this week alone, raising their total holdings to over 10.5 billion DOGE, about 7% of the entire circulating supply.

This trend often draws in retail investors and reduces market supply, laying the groundwork for potential price spikes.

However, with the accumulated DOGE valued at under $20 million, some argue it may not be sufficient alone to drive a massive rally.

Can DOGE Break Resistance or Face Another Pullback?

Despite bullish sentiment, Dogecoin still faces major hurdles before achieving a decisive breakout.

After topping $0.1920, DOGE experienced a pullback, falling below key support at $0.1750.

According to data from Cryptonews, the token is trading under its 100-hour simple moving average and is forming a bearish trend line with resistance at $0.1740.

Technically, DOGE needs to break above $0.1800 and close above the $0.1850 level to sustain upward momentum.

A move above $0.1920 would open the door to testing the psychological $0.20 resistance. Beyond that, the next major targets lie at $0.1980 and $0.2000.

On the downside, immediate support lies at $0.1700, followed by $0.1680. Should DOGE fail to hold these levels, it could fall toward stronger support at $0.1600, or even $0.1550 and $0.1450 in an extended decline.

That said, technical indicators paint a mixed picture. The MACD is losing bearish momentum, while the RSI is slightly above 50, suggesting mild bullishness.

As the market awaits clarity, the narrative surrounding Dogecoin continues to evolve. Whether it breaks above $0.20 soon or faces a further consolidation phase, DOGE is increasingly being viewed through a lens of long-term viability.

The post Dogecoin Whales Scoop Up 100M DOGE in a Week, Fueling $0.20 Breakout Hopes appeared first on Cryptonews.