As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I can confidently say that the recent accumulation trend by Dogecoin whales is a bullish sign for the meme coin’s price. Having closely followed the crypto market, I’ve learned to read between the lines and interpret on-chain data – and this trend is undeniably positive.
It’s possible that the price of Dogecoin may rise again due to a pattern of accumulation by large crypto investors (whales). Over the past week, they have purchased vast amounts of Dogecoin tokens, which might lead to an increase in its value, making it one of the top meme coins.
Dogecoin Price Could Rally As Whales Buy Over 2 Billion DOGE
The Dogecoin price could surge as whales have bought 2.07 billion DOGE tokens in the last week. Data from the market intelligence platform IntoTheBlock shows this was the large holder’s netflow over the seven days. This netflow refers to the difference in how much these Dogecoin whales withdrew from exchanges and how much they transferred to exchanges.
It’s worth noting that Bitcoinist shared news about some significant Dogecoin investors (often referred to as ‘whales’) purchasing over 1 billion DOGE tokens, amounting to around $108 million, within just one day. This rapid accumulation suggests a strong interest in the meme coin, which could potentially lead to an increase in its price. In other words, this trend among these large investors may well set off a rise for Dogecoin.
Crypto expert Ali Martinez believes that a price surge is about to happen, as it seems that major investors (whales) are eager to get involved with the leading meme coin, Dogecoin (DOGE). He notes that the number of significant transactions within the network has been increasing, implying that large institutional players and DOGE whales might be preparing for a possible upward trend.
These investors are anticipating that the upcoming surge in Dogecoin’s price could reignite its growth trend, as Dogecoin has underperformed relative to the overall crypto market, even other meme coins. Despite Dogecoin achieving a year-to-date (YTD) increase of more than 21%, this growth pales in comparison to the significant price increases experienced by top meme coins like Pepe (PEPE) and Dogwifhat (WIF).
Other Factors That Could Affect A Price Recovery
External circumstances such as broader economic trends might impede a rebound in Dogecoin’s price. Bitcoinist has indicated that the meme coin’s value dropped sharply lately because of market instability triggered by the latest US job report, international tensions, and the forthcoming US presidential elections. Consequently, these elements could delay any upward trend for Dogecoin until investors feel assured about how these events will unfold.
Regarding larger economic trends, the upcoming release of the U.S. Consumer Price Index (CPI) on October 10 will help investors decide if they should increase their investment in riskier assets such as Dogecoin. This information could influence whether the Federal Reserve decides to lower interest rates by 50 basis points (bps) during its November FOMC meeting.
A reduction in interest rates by 0.5% suggests a positive forecast for Dogecoin. This move is likely to stimulate investor interest and strengthen their conviction in cryptocurrencies, such as Dogecoin (DOGE).
Currently, as I’m typing this, Dogecoin’s value stands approximately at $0.1092. It has increased nearly 2% over the past day, based on information from CoinMarketCap.
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2024-10-10 01:11