Dogecoin (DOGE) it looks like the whales used it recent price crash as an opportunity to collect the most crucial meme coin. This ensures positive development for Dogecoin, and the meme coin has already responded positively, seeing its price enhance over the last 24 hours.
Dogecoin whales accumulate more DOGE
Data With IntoTheBlock market analysis platform shows that Dogecoin has recorded enormous transactions worth $1 billion in the last few days. Vast transactions refers to those that include Dogecoin worth $100,000 or more that are traded. The enhance in enormous transactions suggests that whales are either hoarding more Dogecoin or looking to offload their tokens.
Further data from IntoTheBlock suggests that these whales are indeed collecting more Dogecoins after the recent market decline. The net flow rate to exchanges has been negative over the last seven days, which shows that these whales were buying dips rather than moving their holdings to exchanges to offload their tokens.
This represents a bullish outlook for DOGE and again highlights these investors’ confidence in the premier meme coin. This wave of accumulation by whales Dogecoin is also of great importance as it can support recover the price of Dogecoin which has dropped to as low as $0.11 after the recent market decline.
Beyond this wave of accumulation, Dogecoin already seemed ready bounce up as the market value to realized value (MVRV) ratio showed that the meme coin was significantly undervalued at current price levels. Cryptocurrency analyst Kriss Pax also recently provided that Dogecoin should experience a huge rebound from now on and move up significantly.
The analyst referred to DOGE relative strength index (RSI) which, he noted, painted an hopeful picture for the meme coin. Interestingly, he suggested that it was the right time to buy Dogecoin because he did not predict that the price of memecoin would drop below the current price level. Pax also referred to the growing dominance of altcoins, which may trigger the so-called altcoin season when coins like Dogecoin are expected to experience massive growth.
DOGE will still reach $2 during this market cycle
Crypto Kaleo cryptocurrency analyst Lately only if bullish narrative for Dogecoin, predicting the top meme coin could surge to $1 and $2 in this running of the bulls. He noted that the top meme coin has been trading sideways for most of its existence, but when it pumps, it is always parabolic, alluding to the meme coin’s past price increases of 6,000% and 30,000%.
Crypto Kaleo he mentioned that these moves took place 8-9 months after the previous halvings. Based on historical trends, it can be assumed that DOGE will experience a real breakthrough only sometime between December this year and February next year.
Crypto Kaleo anticipates this Dogecoin could fall as low as $0.08, reversing price levels prior to this year’s massive surge. He claims that such a move would be similar to the -30% decline and retracement that occurred in August 2020, a few months before Dogecoin soaked the mainstream and began pumping massively.
Featured image created with Dall.E, chart from Tradingview.com
