Dogecoin whales have accumulated over 1 billion DOGE in the past 24 hours, signaling a potential rally in the cryptocurrency market. Market analysts identified this development, which marks one of the largest buy-ups in recent months, totaling around $108 million.
The whale purchases occurred during a downturn in the crypto market, which has been broadly impacted by geopolitical tensions affecting investor sentiment.
Dogecoin Whales Buy 1B DOGE as Prices Climb
According to a recent tweet by Ali Martinez, Dogecoin whales have made significant moves in the market, acquiring a 1 billion DOGE. This considerable purchase coincides with a 4% increase in DOGE price, highlighting a potential reversal of the recent downtrend.
Despite the ongoing crypto market selloff due to geopolitical tensions, this purchase suggests robust confidence among large-scale investors in DOGE potential.
More so, the increased activity by Dogecoin whales is a calculated move to capitalize on the current market conditions. Analysts suggest that the timing of these purchases, during a market low, indicates a strategic acquisition aimed at gaining a substantial position in Dogecoin at a discount.
In addition, Dogecoin whales have recently purchased over 1.4 billion DOGE, valued at $176 million, indicating a resurgence in whale market activity. This acquisition by high-volume traders sparked interest and speculation in the market, potentially contributing to recent price fluctuations
Market Sentiment and Price Recovery
The cryptocurrency market has been notably volatile, with most digital currencies experiencing a decline. However, Dogecoin’s quick recovery from a low of $0.08937 to over $0.10 suggests that the actions of Dogecoin whales are having a direct impact on the market.
In addition, Mark Cuban, a well-known entrepreneur and crypto advocate, recently expressed caution regarding the stability of meme coins. According to Cuban, most meme coins are “rug pulls” waiting to happen, except for Dogecoin, which he distinguishes due to its strong community support and entertainment value.
Despite the current optimistic trend, there are underlying risks that could affect DOGE price. On-chain metrics indicate a potential 12% DOGE price drop, with a divergence between the daily active addresses and the price. This discrepancy suggests that the recent price increases might be poised for a market correction.
At the time of writing, the Dogecoin (DOGE) price stands at $0.1076, reflecting a daily increase of 3.49%. The cryptocurrency’s market capitalization has reached approximately $15.738 billion, securing its position as the 8th largest by market cap.
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