Summary
Dogecoin (DOGE) whales have been accumulating the asset in large quantities, but the price has yet to recover from its substantial losses on a weekly scale. Despite this, analysts remain bullish, predicting that DOGE has hit its low and will bounce back soon.
Accumulation by Whales
Dogecoin whales have been accumulating the asset in large quantities, with over 750 million DOGE purchased during the recent crash. This buying activity continued, with an additional 100 million DOGE acquired within a 24-hour period, further reducing the available supply.
Market Performance
The DOGE market has seen a significant correction, with the price plummeting to a two-month low of $0.2 on Monday morning. The market has since recovered, with the price nearing $0.3 on Tuesday, but was quickly rejected and is currently trading under $0.25, representing a 25% decline on a weekly scale.
Analyst Insights
Despite the bearish market performance, analysts remain optimistic about DOGE’s future prospects. Trader Tardigrade believes that DOGE has copied its 2017 price movements and has potentially bottomed out, which could propel it towards a new all-time high. KrissPax acknowledges the significant correction but notes that it is a normal part of the cycle, shaking out weak hands and providing excellent opportunities to buy more on dips and prepare for what’s coming.
Conclusion
Dogecoin’s recent market performance has been marked by a significant correction, but the accumulation by whales and analyst insights suggest that the asset may be poised for a rebound. While the price has yet to recover, the sentiment remains bullish, and investors may want to keep an eye on DOGE’s performance in the coming days.
FAQs
Q: What is the current price of Dogecoin (DOGE)?
A: The current price of DOGE is under $0.25, representing a 25% decline on a weekly scale.
Q: What is the purpose of the accumulation by whales?
A: The accumulation by whales is believed to be a bullish sign, indicating that large market participants are confident in the asset’s future prospects.
Q: What is the outlook for Dogecoin’s price in the near future?
A: Analysts are divided, with some predicting a strong recovery and others expecting further declines. However, the sentiment remains generally bullish, and some see the current price as an excellent opportunity to buy more DOGE.
