As an experienced cryptocurrency market analyst, I’ve closely followed the trends and patterns in the Dogecoin (DOGE) market. Based on recent on-chain data and analysis from industry experts, I believe that DOGE whales are preparing for a bullish reversal of the meme coin.
As a crypto investor, I’ve noticed an intriguing development in the Dogecoin (DOGE) market. The so-called “whales,” or large-scale investors, seem to be preparing for a bullish turnaround for this popular meme coin. Analyzing on-chain data reveals that these whales have recently regained their trust in Dogecoin and are actively acquiring more DOGE in anticipation of an upcoming price surge.
Dogecoin Whale Accumulation Spikes By 868%
According to the data obtained from the on-chain analysis platform, IntoTheBlock, there was a significant increase in Dogecoin purchases by large holders or whales on July 10. They bought approximately 364.38 million DOGE, which is over eight times the amount they sold on July 9, amounting to only 37.05 million DOGE. This buying trend persisted on July 12 as these large investors acquired an additional 114.71 million DOGE.
It’s believed that these whales are stockpiling Dogecoin in anticipation of a significant price surge for the popular meme coin. The signs point to an imminent rally for DOGE; several on-chain indicators have recently turned bullish for the digital asset. Furthermore, according to IntoTheBlock’s data, most investors currently hold Dogecoin at a profit, implying that selling pressure may be limited in the near future.
The “In The Money” metric indicates that the critical support level at $0.10 was pivotal for Dogecoin’s bulls to maintain, which they successfully achieved. Consequently, a bullish turnaround seems imminent, with the bears showing signs of exhaustion based on this and other indicators such as bid-ask volume disparity and smart money pricing.
Dogecoin may experience a significant price surge due to its close connection with Bitcoin‘s price movement. As Bitcoin recovers and aims to reach $60,000 once again, Dogecoin could potentially follow suit and hit new peak prices.
As a crypto investor, I’ve closely followed the market trends and analyzed Dogecoin’s (Doge) price movements. Based on my observations and expert analysis from Kevin (formerly known as OG Yomi), the future of Doge depends significantly on Bitcoin’s price direction.
Not Looking Good But About To Get Better
Crypto expert Altcoin Sherpa has expressed concerns about Dogecoin’s current state but remains optimistic, predicting significant gains for the meme coin by the end of the year. Previously, Altcoin Sherpa anticipated that Dogecoin would reach a value of $1 during this market cycle and considered it a low-risk investment in the ongoing bull run.
As a researcher in the field of cryptocurrencies, I’ve come across some intriguing predictions from fellow analysts regarding Dogecoin (DOGE). Andrew Kang recently made a bullish argument, suggesting that meme coins, including DOGE, are likely to set new highs by the end of this year or the beginning of 2025. Crypto Kaleo also forecasted a significant rally for Dogecoin by December of this year or early next year.
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2024-07-13 19:34