Dogecoin (DOGE), the popular meme coin, has recorded remarkable activity within the last seven days. This includes its price performance and whale activities in the cryptocurrency market. These activities have triggered speculations on what DOGE could have in store for investors.
Price performance amid fluctuations
As observed by Ali Martinez, an on-chain analyst, over the past seven days, Dogecoin whales have snapped up 550 million DOGE, valued at approximately $214.5 million. The massive accumulation by these high-net-worth investors has sparked concerns about its impact on DOGE’s price.
#Dogecoin whales have bought more than 550 million $DOGE over the past week, worth around $214.5 million! pic.twitter.com/0eHqQGL3LO
— Ali (@ali_charts) November 21, 2024
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The large accumulation by these whales while the price is experiencing fluctuations suggests they have a positive forecast for the coin's future price rally. This confidence is likely to trigger a rebound in the price of DOGE in the coming days.
Data reveals that DOGE’s performance has taken a dive from its level of $0.3921 within the last seven days. The meme coin witnessed wild fluctuations, with its price plummeting as low as $0.3431 before rebounding.
However, the coin could not sustain its momentum and has continued to experience fluctuations.
Traders make bold predictions on Dogecoin
Market trend observers anticipate a momentum shift following these whales' activities within the last seven days.
Although market volume has dropped by a significant 26.52% to $8.51 billion, whales remain optimistic about upward movement. As of this writing, DOGE is on the path to recovery. The meme coin is exchanging hands for $0.3851, an appreciable rise from its previous low of $0.3431.
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As earlier reported by U.Today, another trader with the nickname "DonAlt" has expressed bullish views on Dogecoin. DonAlt suggests that DOGE could experience another significant growth round based on some key indices. Per their analysis, if Dogecoin’s next wave halves its first, it seems likely to breach the $1 level.
