The entire cryptocurrency market is in a bleak state, and OG meme cryptocurrency Dogecoin (DOGE) has not been immune. The asset fell to a low of $0.106, a loss of $0.20. At press time, the asset is trading at roughly the same price, down 4.11% in the past 24 hours.
Meanwhile, IntoTheBlock revealed that Dogecoin giants are on a buying spree. These big buyers purchased more than 2 billion Dogecoins last week. Based on the current price of the asset, these hoards are worth $200 million.
This means that major Dogecoin investors are investing in the long term in the potential recovery of the meme coin. This shows that they believe Dogecoin has a chance to rise significantly. In the past, huge investments in Dogecoin have often foreshadowed upcoming price surges.
In addition, the community sentiment of Dogecoin remains positive. CoinMarketCap's community sentiment shows that among 10,762 users, 80% believe that the price of Dogecoin will rise significantly. 20% are pessimistic and expect the price to fall.
Dogecoin mid-October forecast
Data from Changelly suggests that the asset will remain fairly subdued in the coming days. The firm further believes that DOGE will trade around $0.107121 on October 15. It looks like the massive spike in large transactions has barely had any impact on the price of the meme coin.
Despite this, more than 50% of the asset’s holders are in profit territory. To be exact, 69% of holders (equivalent to 244,000 addresses) are making a profit.
