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Dogecoin Whales Wake Up - What's Next for Price?

Dogecoin Whales Wake Up - What's Next for Price?

Cryptodnes2024/06/18 23:10
By:Cryptodnes

Dogecoin registered visible signs of recovery after a week of poor performance among the leading altcoins.

This recovery is supported by a number of indicators, such as trading volume, which increased by more than 120% in the last day alone to $881.5 million.

Dogecoin whales

Over the weekend, whales made a significant impact on the market after acquiring 6.4 billion DOGE overnight. The data of analyst firm IntoTheBlock show that Dogecoin whale transactions increased from a low of around 5.37 billion DOGE over the past seven days to around 11.74 billion before leveling off in that period. These transactions typically involve amounts of at least $100,000. The great accumulation of Dogecoin from the big players is often a harbinger of potential price increases.

READ MORE:
XRP price jumps 5% as Bitcoin continues to fall

Currently, Dogecoin seems poised for such a rally. Although it is in an extended downtrend with prices down 3% in the last 24 hours and down 9% in the last 7 days to $0.137, continued buying by the whales could change the market dynamics in a big way. Their increased activity could reduce the available supply of Dogecoin, thus driving the coin's prices higher.

The role of market attitudes

Dogecoin is losing market traction, with a market cap of over $19 billion at the time of writing. Rather than being a driver of market crashes, Dogecoin is gradually becoming more sensitive to general market sentiment.

This can be an advantage for DOGE, especially if it moves in tandem with Bitcoin , and this is beneficial when there is inflow into the spot Bitcoin ETF leading to a repeat top for BTC. However, Dogecoin developer Mishaboar has advised the community to exercise caution and adequately consider the risks before venturing into alternative investments.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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