140 Million Dogecoin (DOGE) in 24 Hours: Whales Are Buying Dip

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As a seasoned crypto investor with a knack for spotting opportunities amidst market volatility, I find myself intrigued by the recent developments in Dogecoin (DOGE). Having ridden the rollercoaster of its meteoric rise and subsequent corrections over the past few months, I’ve learned to read between the lines and understand the underlying trends.

In the past day, the value of Dogecoin (DOGE) decreased by over 8%, a move that some experts are calling a normal adjustment. Currently, it is being traded at $0.3722. This dip presented an uncommon chance for large Dogecoin holders (whales), and they seized it by purchasing more of the meme coin. As observed by market analyst Ali Martinez, these whales have amassed approximately 140 million DOGE within the last 24 hours.

DOGE surge, fall and whale buy-up

Currently, Dogecoin stands out as one of the top performers among market assets. Remarkably, it has recorded a rise of over 89% in the past seven days, even after experiencing a significant drop in its daily price. In contrast, Bitcoin‘s week-to-date (WTD) growth has only reached 17%.

The perspective on Dogecoin persists in drawing substantial investment, with numerous people convinced its surge is merely getting underway. As per Ali Martinez’s latest report, 140 million DOGE translates to around $56 million, demonstrating that even amid a decline in price, the coin’s appeal has not waned.

The reasoning is based on the understanding that following the recent drop in value, the dogecoin could potentially resume its upward trend. However, an important question arises at what point the coin may plummet, given its difficulty in establishing the $0.36 price level as a foundation of support.

Impact of Bitcoin correlation

During various instances in the ongoing bull market trend, the value of Dogecoin diverged from that of Bitcoin, demonstrating remarkable spikes. Supported by significant Dogecoin holders, or “whales,” the price fluctuations of DOGE have suggested to many investors the potential capabilities of this meme coin when operating independently.

Nevertheless, Bitcoin’s grip and impact on the market continue to be quite substantial. Given this, it’s crucial for Bitcoin to adhere to its pattern of correlation with other cryptocurrencies in order to maintain a steady growth trajectory moving forward. In essence, the larger market shares a strong connection that could potentially work in Dogecoin’s favor, especially as large investors continue to purchase.

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2024-11-15 16:27