Dogecoin Sees Rapid Accumulation Amid Price Crash, Whale Transactions Soar
27 June 2024 - 9:30AM
NEWSBTC
Dogecoin (DOGE) whales look to have used this recent price crash as
an opportunity to accumulate the foremost meme coin. This provides
a positive development for Dogecoin, and the meme coin has already
reacted positively, seeing how its price has recovered in the last
24 hours. Dogecoin Whales Accumulate More DOGE Data from the
market intelligence platform IntoTheBlock shows that Dogecoin
witnessed $1 billion in large transactions these past few days.
Large transactions refer to ones that involve $100,000 worth of
Dogecoin or more being traded. An increase in the large
transactions suggests that whales are either accumulating more
Dogecoin or looking to offload their tokens. Related Reading:
Shiba Inu Enters Accumulation Zone Amid 493% In Shibarium
Transaction Fees Further data from IntoTheBlock suggests that these
whales are indeed accumulating more Dogecoin following this recent
market decline. The net flows to exchanges metric has been negative
over the past seven days, which shows that these whales have been
buying the dip rather than moving their holdings to exchanges to
offload their tokens. This presents a bullish outlook for
DOGE and again highlights these investors’ conviction in the
foremost meme coin. This wave of accumulation by Dogecoin whales is
also significant as it could help spark a price recovery for
Dogecoin, which had dropped to as low as $0.11 following the recent
market decline. Besides this wave of accumulation, Dogecoin
already looked poised to rebound to the upside as the market value
to realized value (MVRV) ratio showed that the meme coin was
greatly undervalued at its current price levels. Crypto analyst
Kriss Pax also recently predicted that Dogecoin should enjoy a
massive bounce from here and significantly move to the
upside. The analyst alluded to DOGE’s relative strength index
(RSI) which he noted painted a bullish picture for the meme coin.
Interestingly, he suggested this was the right time to buy Dogecoin
as he didn’t foresee the meme coin going lower than its current
price level. Pax also alluded to the growing altcoin dominance,
which could usher in the altcoin season when coins like Dogecoin
are expected to enjoy a massive rally. DOGE Will Still Reach
As High As $2 In This Market Cycle Crypto analyst Crypto Kaleo
recently provided a bullish narrative for Dogecoin, predicting that
the foremost meme coin can rise to $1 and $2 in this bull run. He
noted that the foremost meme coin has traded sideways for most of
its existence, but when it pumps, it is always parabolic, alluding
to how the meme coin had rallies where it enjoyed a 6,000% and
30,000% price gain in the past. Crypto Kaleo mentioned that
these moves occurred 8 to 9 months after the previous halvings.
Based on historical trends, it is fitting that DOGE doesn’t enjoy a
real breakout until sometime between December this year and
February next year. Related Reading: Spot Bitcoin ETFs See 7
Consecutive Days Of Outflows, Here’s What Happened Last Time Crypto
Kaleo predicts that Dogecoin could drop to as low as $0.08,
retracing its price levels before the massive rally it enjoyed this
year. He claims that such a move would be similar to the -30%
drawdown and retrace that occurred in August 2020, several months
before Dogecoin wet mainstream and began to pump massively.
Featured image created with Dall.E, chart from Tradingview.com
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