As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and trends. The recent accumulation of Dogecoin (DOGE) by whales is a positive development that I believe bodes well for the meme coin. With large transactions amounting to $1 billion in the last few days, it’s clear that these investors are accumulating more DOGE rather than offloading their tokens.
Dogecoin (DOGE) large investors, or “whales,” seem to have taken advantage of the recent market downturn to increase their holdings of the popular meme currency. This is a promising sign for Dogecoin and has already resulted in a price recovery within the last 24 hours.
Dogecoin Whales Accumulate More DOGE
Based on data from market intelligence platform IntoTheBlock, approximately $1 billion worth of Dogecoin was transacted in significant trades over the past few days. These substantial trades represent deals involving the exchange of $100,000 or more worth of Dogecoin. The rise in such transactions indicates that either large investors (whales) are purchasing more Dogecoin or preparing to sell their tokens.
Based on data from IntoTheBlock, it appears that these prominent Dogecoin investors have been purchasing more coins during this recent market downturn. The negative net flows to exchanges over the last week indicate that they have been hoarding their Dogecoin instead of selling it or transferring it to cryptocurrency exchanges for disposal.
Dogecoin’s outlook remains optimistic based on these investors’ continued buying, underscoring their strong belief in the meme coin. Notably, large Dogecoin holders have recently amassed a substantial amount of coins, which could potentially lead to a price surge and aid in Dogecoin’s recovery from its recent low of $0.11 after market downturn.
As a crypto investor, I’ve noticed an ongoing accumulation trend in Dogecoin that has made me bullish on its potential price movement. Furthermore, the market value to realized value (MVRV) ratio indicates that Dogecoin is currently undervalued based on its past transaction history. Crypto analyst Kriss Pax also shares my optimistic outlook and predicts a significant upside move for Dogecoin from its current levels.
An analyst made a bullish case for Dogecoin (DOGE) by pointing out its strong relative strength position as indicated by its relative strength index (RSI). He recommended purchasing DOGE now, as he believed the meme coin wasn’t going to drop below its current price level. Furthermore, he hinted at an upcoming altcoin season driven by the increasing dominance of altcoins over Bitcoin.
DOGE Will Still Reach As High As $2 In This Market Cycle
Crypto expert Crypto Kaleo has put forth an optimistic outlook for Dogecoin, anticipating that the popular meme coin could reach prices between $1 and $2 during this current bull market. Previously, Dogecoin has primarily moved in a horizontal pattern throughout most of its history. However, when the coin experiences growth, it tends to follow a parabolic trajectory, reminiscent of its past price surges which saw gains of around 6,000% and an astonishing 30,000%.
As a researcher studying cryptocurrency trends, I’ve observed that historical patterns suggest that significant price increases for Dogecoin (DOGE) typically occur around 8 to 9 months after the previous halvings. With the last halving taking place in May 2021, it’s reasonable to anticipate potential price growth for DOGE between December 2021 and February 2022.
Expert: Dogecoin’s price could potentially dip down to $0.08 according to Crypto Kaleo’s prediction, mirroring the price decline of approximately -30% that occurred back in August 2020. This downturn would precede the significant surge and widespread attention Dogecoin gained later that year.
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2024-06-27 02:48