Dogecoin (DOGE) Analysis: The Impact of $100 Million Whales on Meme Coin's Future
Crypto Whales Buy Dogecoin Dip
Since Wednesday, crypto whales have purchased about 1 billion Dogecoin (DOGE), suggesting that these investors could save the meme coin from a poor start to a historically bullish October. On Sunday, Dogecoin's price stood at $0.13, but today, it has dipped to $0.10. This substantial buy-in might provide DOGE with the support it needs to erase recent losses. But is this accumulation enough to change the course for the meme coin?
Recent Whale Activity
- According to Santiment, the number of coins owned by addresses holding 100 million to 1 billion DOGE was 29.88 billion on October 2.
- This figure has increased to 30.88 billion, indicating that crypto whales purchased 1 billion DOGE within the last two days.
- At its current price, these coins are valued at approximately $100 million.
Typically, when whales purchase large amounts of coins like this, the cryptocurrency becomes more attractive to investors. This encourages increased market participation, potentially driving prices higher. For DOGE, it appears that these whales are capitalizing on the recent discount by buying the dip.
Potential Future Movements
If this trend persists, Dogecoin's price could witness significant appreciation in the coming weeks. Additionally, the cryptocurrency's Coin Holding Time has surged in the same period that crypto whales have increased their holdings. Interestingly, Juan Pellicer, Senior Researcher at IntoTheBlock, believes this move could be pivotal for DOGE's price rebound.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.