Whale Accumulation May Reverse Dogecoin’s Price Drop
The Essentials at a Glance
The cryptocurrency Dogecoin (DOGE) has recently experienced a price decline, but a notable accumulation by large investors, also called “whales,” could potentially reverse this trend. An analysis shows that despite the general price decline, these whales have increased their holdings of DOGE. But is this development enough to create a positive momentum for Dogecoin?
Price Development and Market Analysis
The last few days have been a challenge for Dogecoin. The end of the past month and the start of the new month were marked by a price decline. A close look at the daily timeframe charts reveals that DOGE could only record positive price trends on three of the last seven days. Currently, DOGE is trading at about $0.158 USD, which corresponds to a slight increase of less than 1%. However, the overall trend remains negative, as the short-term gains could not offset the losses.
Whales Dive In
Despite the price decline, an analysis of wallet activities has shown that certain Dogecoin wallets, especially those holding between 100 million and 1 billion DOGE, have significantly increased their holdings recently. Over 200 million DOGE have been accumulated by these addresses between the end of May and now. This development suggests that large investors may potentially expect a long-term increase in value of Dogecoin.
Holder Structure Remains Unchanged
Interestingly, despite the accumulation by the whales, the number of Dogecoin holders has not experienced an increase. The number of holders has remained constant at about 6.6 million since May. This means that the accumulation was primarily carried out by existing wallets. Additionally, the trading volume has slightly decreased in recent days, indicating reduced activity in the market.
Our Assessment
The accumulation of Dogecoin by whales could have long-term positive effects on the price, but a significant upward trend is not yet visible in the short term. The stability of the holder numbers while simultaneously accumulating suggests that market participants are waiting and observing the development. For investors, this could be an opportunity to closely follow the developments and make strategic decisions based on further market analyses. Ultimately, the future of Dogecoin will strongly depend on general acceptance, market sentiment, and other macroeconomic factors.
Sources: Santiment, TradingView
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