Dogecoin whales have accumulated over 1 billion DOGE in the past 24 hours, hinting at a potential upside for the crypto market. Market analysts said the move would be one of the largest acquisitions in recent months, totaling about $108 million.
Whale’s purchases were made during a downturn in the crypto market, which was widely affected by geopolitical tensions that affected investor sentiment.
Dogecoin whale buys 1 billion Doge as price rises
According to a recent tweet by Ali Martinez, the Dogecoin whale has made a big move in the market, earning 1 billion DOGE. This significant purchase coincides with a 4% rise in DOGE prices, highlighting the possibility of a reversal of the recent downward trend.
Despite the continued decline in the crypto market due to geopolitical tensions, this purchase signals solid confidence among large investors in DOGE’s potential.
What’s more, the Dogecoin whale’s increased activity is a calculated move to take advantage of current market conditions. Analysts suggest that the timing of these purchases during market lows indicates a strategic acquisition aimed at acquiring a sizable position in Dogecoin at a discount.
Additionally, Dogecoin whales recently purchased 1.4 billion DOGE worth $176 million, indicating a resurgence of activity in the whale market. This acquisition by a large trader has generated interest and speculation in the market and may contribute to recent price movements.
Market sentiment and price recovery
The cryptocurrency market is extremely volatile, with most digital currencies declining. However, Dogecoin’s rapid recovery from a low of $0.08937 to over $0.10 suggests that Dogecoin whale actions are having a direct impact on the market.
Additionally, Mark Cuban, a prominent entrepreneur and cryptocurrency advocate, recently expressed caution about the stability of meme coins. According to Cuban, with the exception of Dogecoin, most meme coins are “rugs” waiting to happen, and Dogecoin is distinguished by its strong community support and entertainment value.
Despite the current optimistic trend, there are potential risks that could impact DOGE price. On-chain metrics show that there is a discrepancy between daily active addresses and price, which could cause DOGE price to fall by 12%. This discrepancy suggests that recent price increases may be poised for a market correction.
As of this writing, Dogecoin (DOGE) price is $0.1076, reflecting a daily increase of 3.49%. The market capitalization of this virtual currency reached approximately $15.738 billion, securing the 8th place in terms of market capitalization.
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Ronnie Mugendi
Ronnie Mugendi is a veteran crypto journalist with 4 years of professional experience and has contributed significantly to various media outlets regarding cryptocurrency trends and technology. With over 4,000 articles published in various media outlets, we aim to inform, educate and introduce more people to the world of blockchain and DeFi. In addition to his journalism career, Ronnie enjoys the thrill of riding his bike and exploring new roads and landscapes.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
