Dogecoin whales acquired $108 million worth of DOGE in the past 24 hours, signaling renewed interest despite the bearish market.
The recent Dogecoin price dip attracted significant whale buying, helping the price recover by 1.79% to $0.1078.
Analysts predict Dogecoin could hit $0.20, with whale activity driving the upward momentum amidst broader market volatility.
Whale investors in Dogecoin are making a significant impact on the market, purchasing 1 billion DOGE in the past 24 hours. This acquisition was first spotted by market analyst Ali Martinez and highlights renewed interest in the meme coin. Despite a bearish market trend, Dogecoin whales are taking advantage of recent price dips, signaling confidence in the coin's prospects.
Whales See Opportunity Amid Market Volatility
As the broader crypto market experiences downward pressure, mainly due to geopolitical instability in the Middle East, the buying spree by Dogecoin whales stands out. Since the start of October, the global financial ecosystem has been impacted by these tensions, causing several digital currencies to lose value. Dogecoinâs price, in particular, dropped by 5.89% for the month. However, its recent 1.79% price rise to $0.1078 signals a potential reversal.
https://twitter.com/ali_charts/status/1842089018357375399
$108 Million in DOGE Acquired in 24 Hours
The move by whales saw $108 million worth of DOGE bought within 24 hours, capitalizing on the price dip. These large investors typically act during market downturns, viewing lower prices as an opportunity to increase their positions. Such behavior has been observed with Dogecoin over the past few months, and this recent acquisition indicates a bullish outlook.
With the fresh influx of whale buying activity, Dogecoinâs price is now targeting the $0.20 mark, a level it hasnât reached since April. The meme coin had briefly dropped to $0.08937 during the latest sell-off but has quickly recovered. The continued interest from whales is a crucial factor in the coin's rebound, and many analysts believe it could sustain its upward trajectory.
Dogecoin Leads Ahead of Rivals
In comparison to its competitors, particularly Shiba Inu, Dogecoin has maintained an edge in price growth. This trend signals a promising future for the coin as whales continue to accumulate. The coming weeks could see further upward movement if whale activity remains consistent.
