Dogecoin Sees Rapid Accumulation Amid Price Crash, Whale Transactions Soar

Dogecoin
(DOGE)

whales
look
to
have
used
this

recent
price
crash

as
an
opportunity
to
accumulate
the
foremost
meme
coin.
This
provides
a
positive
development
for
Dogecoin,
and
the
meme
coin
has
already
reacted
positively,
seeing
how
its
price
has
recovered
in
the
last
24
hours.

Dogecoin
Whales
Accumulate
More
DOGE

Data

from
the

market
intelligence
platform
IntoTheBlock

shows
that
Dogecoin
witnessed
$1
billion
in
large
transactions
these
past
few
days.

Large
transactions

refer
to
ones
that
involve
$100,000
worth
of
Dogecoin
or
more
being
traded.
An
increase
in
the
large
transactions
suggests
that
whales
are
either
accumulating
more
Dogecoin
or
looking
to
offload
their
tokens.

Related
Reading

Source:
IntoTheBlock

Further
data
from
IntoTheBlock
suggests
that
these
whales
are
indeed

accumulating
more
Dogecoin

following
this
recent
market
decline.
The
net
flows
to
exchanges
metric
has
been
negative
over
the
past
seven
days,
which
shows
that
these
whales
have
been
buying
the
dip
rather
than
moving
their
holdings
to
exchanges
to
offload
their
tokens.

Source:
IntoTheBlock

This
presents
a
bullish
outlook
for
DOGE
and
again
highlights
these
investors’
conviction
in
the
foremost
meme
coin.
This

wave
of
accumulation

by
Dogecoin
whales
is
also
significant
as
it
could
help
spark
a
price
recovery
for
Dogecoin,
which
had
dropped
to
as
low
as
$0.11
following
the
recent
market
decline.

Besides
this
wave
of
accumulation,
Dogecoin
already
looked
poised
to

rebound
to
the
upside

as
the
market
value
to
realized
value
(MVRV)
ratio
showed
that
the
meme
coin
was
greatly
undervalued
at
its
current
price
levels.
Crypto
analyst
Kriss
Pax
also

recently
predicted

that
Dogecoin
should
enjoy
a
massive
bounce
from
here
and
significantly
move
to
the
upside.

The
analyst
alluded
to
DOGE’s

relative
strength
index
(RSI)

which
he
noted
painted
a
bullish
picture
for
the
meme
coin.
Interestingly,
he
suggested
this
was
the
right
time
to
buy
Dogecoin
as
he
didn’t
foresee
the
meme
coin
going
lower
than
its
current
price
level.
Pax
also
alluded
to
the
growing
altcoin
dominance,
which
could
usher
in
the

altcoin
season

when
coins
like
Dogecoin
are
expected
to
enjoy
a
massive
rally.

DOGE
Will
Still
Reach
As
High
As
$2
In
This
Market
Cycle

Crypto
analyst
Crypto
Kaleo

recently

provided

a
bullish
narrative
for
Dogecoin,
predicting
that
the
foremost
meme
coin
can
rise
to
$1
and
$2
in

this
bull
run.
He
noted
that
the
foremost
meme
coin
has
traded
sideways
for
most
of
its
existence,
but
when
it
pumps,
it
is
always
parabolic,
alluding
to
how
the
meme
coin
had
rallies
where
it
enjoyed
a
6,000%
and
30,000%
price
gain
in
the
past.

Source:
X

Crypto
Kaleo

mentioned
that
these
moves
occurred
8
to
9
months
after
the
previous
halvings.
Based
on
historical
trends,
it
is
fitting
that
DOGE
doesn’t
enjoy
a
real
breakout
until
sometime
between
December
this
year
and
February
next
year.