Whales Accumulate Dogecoin Amid Price Recovery

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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.

#Dogecoin whales have bought up over 60 million $DOGE in the last 24 hours! pic.twitter.com/53Z9gi0eFt

— Ali (@ali_charts) July 18, 2024

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.

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.