Whales have been actively increasing their DOGE holdings

After the Bitcoin price action went into pause and took a sideways range between $61,000 and $62,000, immediately followed by some alternative cryptocurrencies started with upward rallies, among the major cryptocurrencies that bounced back is DOGE.

According to columnist Yashu Gola of the Cointelegraph portal, "The price of DOGE has experienced a significant increase of about 70% this week, driven by an uptrend in the entire cryptocurrency market. This momentum suggests further upside potential in March, thanks to a combination of technical and fundamental indicators."

Equally worth mentioning is that, "The recent surge in Dogecoin's price coincides with an increase in DOGE holdings among its wealthiest investors, also known as "whales." For example, the number of addresses with more than 100,000 DOGE tokens has increased by 0.7% since the beginning of the year"

On the other hand, "Given the substantial holdings, these directions likely represent exchanges, suggesting that traders have begun to prefer to hold DOGE rather than engage in active trading. This behavior signals strong accumulation."

Finally, "It is important to note that the price of DOGE increased 200% before the first Bitcoin halving and approximately 50% before the second, as shown below"