Dogecoin Whales Waking up With 1 Billion DOGE Buy-up

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As a seasoned crypto investor with a knack for spotting trends and a portfolio filled with digital assets, I find the recent surge of DOGE whales intriguing. Having witnessed the meme coin’s dramatic rise and fall in the past, I can’t help but feel a sense of deja vu. However, this time around, I’m not so quick to dismiss it.

It’s interesting to note that large Dogecoin (DOGE) investors, often referred to as “whales,” are reemerging in the market. This observation comes from a recent transaction pattern spotted by top analyst Ali Martinez on platform X. In just the past 24 hours, these whales have amassed approximately one billion DOGE.

Dogecoin whales’ rebirth

Despite the overall negative trend in the cryptocurrency market right now, it’s still fascinating to notice continued enthusiasm for a specific crypto project. Starting from October, the entire digital currency sector has been moving in a bearish direction due to escalating geopolitical conflicts in the Middle East, causing unease across the global financial markets.

In October, the value of Dogecoin decreased by about 5.89%. But recently, there’s a sign that the downward trend might be changing, as the price of DOGE has increased by 1.79% over the past day to $0.1078. With this new upward movement in the market, it becomes difficult not to consider the potential impact of large Dogecoin investors (often referred to as “whales”) on this trend.

In the past day, major Dogecoin investors (referred to as ‘whales’) have purchased approximately 1 billion DOGE, amounting to around $108.7 million in total!— Ali (@ali_charts) October 4, 2024

According to findings by Ali Martinez, it’s been estimated that over $108 million worth of Dogecoin was purchased within a 24-hour period. This suggests that large investors, or “whales,” perceived the recent drop in price as an excellent opportunity to increase their holdings of this digital currency.

Over the last several months, it’s been noticed that large Dogecoin investors, often referred to as “whales”, tend to capitalize on this market pattern.

DOGE price to $0.20?

Amidst the recent market downturn, the value of DOGE dropped a decimal point and reached a minimum of 0.08937 USD. Yet, the swift increase in its price suggests a more aggressive drive for expansion in the future.

Currently, Dogecoin is aiming for a fresh high of around $0.20, a point it hasn’t touched since April this year. If the ‘whale’s support persists, reaching this price point within the next few weeks remains possible.

Currently, the value of Dogecoin (DOGE) is advancing faster than its main competitors such as Shiba Inu, which could be an indication of further positive developments in the future.

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2024-10-04 11:50