Dogecoin Whales Spend $110M
After Bitcoin plummeted below $60,000, Dogecoin and the market crashed. Rising Middle East tensions and war fears caused this. After the DOGE price dropped, investors panicked, but not everyone. This has allowed Dogecoin whales to acquire over a billion coins in one day.
From over $0.12, Dogecoin fell roughly 20% this week. This caused sale pressure that bolstered bears. Thus, the DOGE price has stayed low with little sign of rebound. This has shaken the community as investors await a rebound.
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Not all investors are scared by the price drop. Dogecoin investors have grabbed this chance to buy additional DOGE. Most buyers are huge DOGE holders with 100 million to 1 billion DOGE.
Using Santiment data, crypto expert Ali Martinez said that whales worth at least $10 million had acquired over 1 billion coins. Whales bought $108.7 million on Dogecoin in one day.
This implies that whales do not expect this negative trend to continue. The crypto market has historically been strong in October, known as ‘Uptober’. Investors still expect a market recovery.
Bad Start to October
Looking back over Dogecoin's October performance, it's clear why it was predicted to be bullish. This hasn't been the case since the month began.
Dogecoin is down 4.98% in October after climbing 12.6% in September. The DOGE price may swing around later in the month because it's early. If bears prevail, the price might fall further.
