Dogecoin (DOGE) On Top Of Whales Menu


There was a massive sell-off in the cryptocurrency market, during which time whales focused on Dogecoin (DOGE) and the overall negative attitude in the crypto industry.

There was a 5.34 percent increase in the number of addresses owning between 100 million and 1 billion DOGE, bull bnb revealed.

For Dogecoin, the percentage of wallets with between 100 million and 1 billion Dogecoin has grown by 5.13 percent in the past week. About six additional whales joined the network, bringing in an additional 620 million dogs.

In light of this, bull bnb recently tweeted, “I’m about to get a brand new bag of #DOGE.”

The recent whale activity has come as a huge surprise to DOGE owners and investors. What then forced the whales to look for a dog?

Is this a good time to buy a snorkel?

As you know, the current market climate is very negative for cryptocurrencies. Fear of the release of the CPI report and interest rate hike by the US Federal Reserve sparked a massive sell-off in the stock and cryptocurrency markets.

The US dollar followed this decline. At press time, the value of memecoin is down 9.94 percent from its September 12th peak. Even if the DOGE indicator showed bullish signs, that was not enough to prevent a 9.56% decline on September 18th.

This decline may have prompted the whales to seek to accumulate rather than sell their DOGE supplies. Now that whale activity has increased, what does this mean for DOGE?

Dogecoin bullish behavior

The upside for DOGE came as a surprise as the cryptocurrency market continues to decline, especially Bitcoin and Ethereum.

This price increase can be attributed to the recent binge-buying of DOGE’s whales. A At the time of writing, DOGE is trading at 0.066041 USDup 9.4% in the past seven days, data from Coingecko shows.

This means that memecoin is leading the crypto market, giving the entire crypto market hope that a respite is on the horizon. But investors and traders should ask if this is really a flash in the pan or an ongoing uptrend.

As of the time of writing, the resistance level of the coin has been tested at the 0% Fibonacci level. This was answered with a long wick of disapproval, followed by a red candle. This may be the beginning of a short corrective period for DOGE, which will lead to a slight decrease in prices.

In the coming days, we can expect to receive additional information.

DOGE total market cap at $8.7 billion on the daily chart | Source: TradingView.com

Featured image from Cryptory, Chart: TradingView.com





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