Whales Accumulate Dogecoin Amid Price Recovery

Recently, Dogecoin investors have accumulated over 60 million tokens. Some analysts believe the current price drop is only temporary.

Azcnews Whales Accumulate Dogecoin Amid Price Recovery

Dogecoin whales have recently astonished the cryptocurrency community, as highlighted by a well-known market analyst. On July 18, Ali Martinez revealed substantial DOGE accumulation recorded over the past 24 hours. These on-chain movements have injected optimism into the market despite the recent turmoil faced by the dog-themed meme coin. Here is an overview of the current market statistics pointing to a potential price target of $0.133 for Dogecoin.

DOGE Analysis and Whale Activity

Despite a 10% increase over the past week, today’s chart indicates a negative outlook for DOGE. The significant price drop in the last 24 hours has alarmed investors, paralleling the decline in BTC. On the flip side, these drops appear to have triggered strong buying activity from whales.

Santiment data, which supports Ali Martinez’s claim, shows that over 60 million tokens have been accumulated by whales during this Dogecoin price volatility. The token’s price has been moving in tandem with BTC’s recent decline and had established support at $0.12, which now seems to have been lost. Nevertheless, the continued buying of DOGE by whales is fostering optimism among investors about its future price.

What is the current price of DOGE?

As of the time of writing, the price of DOGE has dropped to $0.1188, following a 2.58% decline over the past 24 hours. DOGE’s lowest price in the last 24 hours was $0.1176, while the highest was $0.1238.

The market cap of DOGE has also seen a significant decline. It has fallen below $18 billion once again, currently sitting at $17.2 billion after the recent 24-hour drop.

Doge Chart
Doge Chart

Notably, a 6% decrease in trading volume, now valued at $728 million, indicates waning investor interest.

Considering the accumulation frenzy among Dogecoin whales, the current price could be seen as a temporary phase. If whales are buying to profit, the price could potentially rebound, and DOGE might return to the $0.133 range by August.

However, given market conditions, economic factors, political events, and geopolitical issues, making definitive predictions about the future might not be prudent, as these conditions can change based on these variables.

Love

0.0/5

Love
  1. Avatar of
    Anonymous

    This is a good one

Comments are closed.

Latest

Pump.fun Acquires Kolscan Wallet Tracker Ahead Of $600 Million Ico

News | Editor Choice | Memecoin

Pump.fun Acquires Kolscan Wallet Tracker Ahead of $600 Million ICO

Pump.fun has unexpectedly acquired the Kolscan wallet tracking tool just ahead of its $600 million ICO, aiming to enhance its analytics capabilities and expand its social trading ecosystem on the blockchain.

Xrp Could Surge To $11, $20, Or Even $30 If Historical Pattern Repeats

News | Altcoin | Editor Choice

XRP Could Surge to $11, $20, or Even $30 If Historical Pattern Repeats

XRP is expected to enter a strong bullish cycle after successfully retesting a key EMA level, with potential price targets of $11, $20, or even $30 if historical trends repeat.

Invite Friends For Big Rewards On Mexc!

Airdrops | Editor Choice

Invite Friends for Big Rewards on MEXC!

Join the referral program at MEXC and invite your friends to trade cryptocurrencies to earn exciting rewards!

Robinhood Launches Ethereum And Solana Staking For U.s. Users

News | Editor Choice | Policy & Regulations

Robinhood Launches Ethereum and Solana Staking for U.S. Users

Robinhood has officially launched Ethereum and Solana staking for U.S. users, allowing participation starting from just $1 as it ramps up its ambitions in the crypto space.

Bnb Foundation Continues To Burn Bnb Worth Up To $1 Billion

Airdrops | Editor Choice

BNB Foundation Continues to Burn BNB Worth Up to $1 Billion

The BNB Foundation has announced its 32nd token burn, destroying 1,595,599.78 BNB, equivalent to approximately $1.024 billion. This reduces the total remaining supply to 139,289,513.94 BNB.