Dogecoin Whales Acquire $110M in One Day Amid Market Turbulence đđ°
After Bitcoin dropped below $60,000, the entire crypto market, including Dogecoin, saw a significant crash. Rising tensions in the Middle East and war concerns contributed to the market panic. Despite this, Dogecoin whales took advantage of the dip, buying over 1 billion DOGE in a single day.
This week, Dogecoin fell by approximately 20%, dropping from over $0.12, which led to intense selling pressure and strengthened the bears. As a result, DOGE has struggled to recover, leaving the community anxiously waiting for a rebound.
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Not all investors have been deterred by the market drop. Many large DOGE holders, with balances ranging from 100 million to 1 billion DOGE, seized the opportunity to buy more.
According to Santiment data, crypto analyst Ali Martinez noted that whales holding at least $10 million worth of Dogecoin have acquired over 1 billion coins, spending approximately $108.7 million in just one day.
This suggests that these major investors donât believe the bearish trend will last long. Historically, October has been a strong month for the crypto market, often referred to as "Uptober." Many are still holding out hope for a market rebound.
Rocky Start to October đ
October was initially predicted to be a bullish month for Dogecoin, but the first few days havenât gone as expected. After gaining 12.6% in September, DOGE has dropped 4.98% so far in October. However, with the month still early, the price could swing later. If the bears continue to dominate, though, Dogecoin could see further declines.$DOGE
