Dogecoin Betting: Why Is DOGE a Whale Favorite This Month?
Journalist
- DOGE is currently in a bearish trend.
- The whales’ accumulation rate has increased despite the downward price trend.
Dogecoin has been in a downtrend lately, despite the recent drop in value. [DOGE] There is an interesting activity among large investors, the so-called whale wallets.
In the last few days, these whale wallets have been actively accumulating significant amounts of DOGE.
Insight into Dogecoin whale accumulation
AskFX’s analysis of Dogecoin wallets on Santiment revealed a number of interesting activities among holders, especially in the middle and upper layers.
In particular, wallets holding between 100,000 and 10 million DOGE tokens have been actively accumulating new tokens in the last few days.
Analysis has shown that wallets holding 100,000 to one million DOGE have maintained their number of 35,000 but have increased slightly.
The number of wallets holding 1 to 10 million DOGE is approximately 4,177.
This category has also increased slightly, suggesting that larger investors have increased their holdings or are showing renewed interest.
Source: Santiment
In the last 24 hours, these wallets have collectively added more than 60,000,000 DOGE to their total holdings.
This significant accumulation highlights a bullish attitude among large Dogecoin holders despite any potentially negative trends in the broader market.
Continued decline of Dogecoin
AskFX’s recent analysis has found that while whale wallets are accumulating significant amounts of Dogecoin, the price of Dogecoin is declining.
DOGE’s trend has been continuously declining over the past four days. It was currently trading at $0.11, with a 0.6% decline in the last session.
The previous session saw a much steeper decline of 1.8%, from $0.12 to $0.11.
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This pattern of consecutive declines over a four-day period contrasts with the observed accumulation, indicating a divergence in investor behavior and market movements.
The Relative Strength Index (RSI) also indicated a weakening of bullish momentum.
At the time of writing, the DOGE RSI line was below the neutral level, indicating a sentiment shift towards a more pessimistic mood among traders.
Dogecoin – Read the [DOGE] Dogecoin Price Prediction for 2024-25
Forecast for DOGE
? The accumulation of whale wallets suggests that large investors are bullish despite Dogecoin’s downtrend.
They may be betting on a market recovery to make money on their cheaper purchases.
