Dogecoin Whales Stockpile Amid Price Uptick, Boosting Market Stability

24

The meme-based cryptocurrency, Dogecoin (DOGE), seems to be clawing its way back from a recent financial drowned. Major stakeholders, also known as ‘whales’, appear to have seized the last price nosedive as an opportune moment to stockpile the so-called satirical digital coin. Such actions stand to fortify Dogecoin’s stability and have already invoked a favorable reaction in its price, which is witnessing a resurgence over the last day.

Market intelligence platform IntoTheBlock has showcased intriguing data revealing that Dogecoin has seen a flurry of significant transactions over the past few days, totaling around $1 billion. These lucrative engagements pertain to exchanges involving more than $100,000 of Dogecoin. Whales are speculated to be at the center of these colossal transactions, either inflating their cryptocurrency hoard or offloading their DOGE stash.

Follow us on Google News! ✔️


Diving deeper into the data ocean, IntoTheBlock suggests the whales are not letting go of their tokens; instead, they’re capitalizing on the recent market downturn by adding more Dogecoin to their existing trove. Insight into the net flows to exchanges for the past week exhibits a negative trend, indicating these sizable investors have been snapping up Dogecoin at its lower price point, rather than dispersing their tokens on the market.

This behavior paints a promising picture for DOGE and underscores the unwavering faith these investors have in this leading meme coin. This strategic accumulation spree by Dogecoin whales could be a key catalyst in stimulating a price recovery following the recent plunge, where it stooped as low as $0.11.

In addition to the ongoing hoarding, Dogecoon was already teetering on the brink of a potential leap upwards. The Market Value to Realized Value (MVRV) ratio pointed towards Dogecoin being significantly undervalued at its existing price. Renowned cryptocurrency analyst Kriss Pax recently anticipated a major bounce in Dogecoin’s value and projected a significant upward trend.

Citing Dogecoin’s relative strength index (RSI), Pax expressed optimism towards the meme coin’s future. He suggested a favorable time to invest in Dogecoin, predicting it wouldn’t fall below its current price. Moreover, Pax mentioned the burgeoning dominance of altcoins, signaling a thriving season for cryptocurrencies like Dogecoin, when they could witness a substantial surge in value.

Crypto analyst Crypto Kaleo has also provided a positive prognosis for Dogecoin, forecasting it could ascend to $1 and $2 during this bullish cycle. He noted the meme coin’s history of prolonged sideways trading; however, when it does surge, it’s typically a parabolic leap.

Based on past trends, Crypto Kaleo anticipates that Dogecoin might potentially see a price dip as low as $0.08, echoing the price levels before its monumental surge earlier this year. Such a movement would mirror the 30% downturn and recovery that occurred in August 2020, months before Dogecoin hit the mainstream and pumped massively.

At the moment, Dogecoin is trading at $0.12, and while the crypto market remains unpredictable and volatile, these trends, predictions, and the unwavering faith of its ‘whale’ investors have Dogecoin’s outlook looking brighter than ever.

Previous articleAfghan Cricket Team’s Historic Victory Sees Them in T20 World Cup Semifinals
Next articleFrench Invasion: Risacher Tops NBA Draft, Leads Trifecta of French Picks
Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.