Dogecoin (DOGE) Escapes Death Cross – Eyes $0.20 Next 

Dogecoin (DOGE) price reclaimed the key support of $0.15 this week and the rally from the past 24 hours, furthered the increase.

The investors are certainly looking to sell but DOGE has some room for growth before they can book profits.

Dogecoin Whales Attempt to Pump the Price

Dogecoin’s price is aiming to secure its recovery and rally further, and the whales are doing their best to aid it. This is evident in the growth in supply noted over the past week which shows the large wallet holders are attempting to make the most of the low prices.

The addresses holding between 10 million and 100 million DOGE have added over 500 million DOGE worth $77 million in the last week. This brought their total supply to 17.57 billion DOGE.

Dogecoin Whale Holdings. Source: Santiment

It also represents that whales have conviction among them towards further rise in price, which is why they are HODLing over selling.

Their conviction is further substantiated by the fact that at the moment, the network is flashing a sell signal. The participation on the network is taking a hit as the active addresses are declining.

In the last two months, the average addresses conducting transactions on the network have dipped from 67,000 to 52,000. This marks a 22.3% decline which is largely due to the lack of incentive.