The cryptocurrency market is once again in the doldrums, with the global market cap falling to $2.39 trillion. Dogecoin (DOGE) has also faced a sharp correction over the past few days, with a 25.5% drop on the weekly chart and a 14.8% drop on the 14-day chart. The asset is still up nearly 18% from the previous month.
The cryptocurrency market is once again in the doldrums, with the global market cap falling to $2.39 trillion. Dogecoin (DOGE) has also faced a sharp correction over the past few days, with a 25.5% drop on the weekly chart and a 14.8% drop on the 14-day chart. The asset is still up nearly 18% from the previous month.
However, despite the adjustments, the recent whale purchases have excited the Dogecoin (DOGE) community. According to on-chain data, a whale wallet purchased 300 million DOGE, worth about $45 million. There has been a lot of speculation about who this whale might be, with Elon Musk being the most speculated among many DOGE fans. Musk is an avid supporter of DOGE, and many of his businesses accept DOGE as payment.
One of the reasons that sparked the speculation was that Musk shared a DOGE meme on X a few hours before the whale purchase. Fans and investors couldn’t help but notice the uncanny timing of the two events.
Still, it is not possible to confirm whether Musk is the person behind the whale wallet.
Will Dogecoin (DOGE) Bounce Back?
The recent market drop may have prompted whales to accumulate DOGE holdings. Whales may be expecting a price surge soon. However, the predictions surrounding DOGE are not very optimistic.
According to CoinCodex, Dogecoin (DOGE) will continue its bearish trajectory in the coming weeks. The platform expects the memecoin to drop to $0.133 on May 1, 2024. A drop from current levels to $0.133 would mean a drop of about 10.5%. Furthermore, CoinCodex expects DOGE to fall below $0.13 by mid-May.
Changelly also paints a pessimistic picture for DOGE in the coming weeks. The platform expects DOGE to drop to $0.130460 on May 1, 2024. Furthermore, the platform expects DOGE to drop to $0.127342 by mid-May.
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