Crypto whales have bought around 1 billion Dogecoin (DOGE) since Wednesday, suggesting these investors could save the meme coin from a slow start to a historically bullish October. There is. On Sunday, the price of Dogecoin was $0.13, and today it has fallen to $0.10.
At first glance, this large endorsement could provide DOGE with the support it needs to offset its recent losses. But will this accumulation be enough to change the course of meme coins?
Whales buy Dogecoin plunge, investors HODL
According to Santiment, the number of coins owned by addresses holding between 100 million and 1 billion DOGE was 29.88 billion as of October 2, but as of this writing, that number is 30.88 billion. is increasing. This means that crypto whales have purchased $1 billion in the past two days.
At current prices, these coins are worth around $100 million. Typically, when whales buy such large amounts of coins, the cryptocurrencies involved become more attractive to investors.
This will encourage more market participants to buy, ultimately causing the price to rise. For DOGE, these whales appear to be taking advantage of recent discounts to buy momentum.
Dogecoin address balance. Source: Santimento
If this trend continues, Dogecoin price could experience a significant increase in the coming weeks. Furthermore, the coin holding time of cryptocurrencies spiked during the same period as crypto whales increased their holdings.
Interestingly, IntoTheBlock Senior Researcher Juan Pellicer also believes that this move could be essential for DOGE’s price recovery.
“This increased accumulation coincides with growing positive sentiment in the memecoin space, with prominent figures like Arthur Hayes sharing their bullish outlook on memecoins. The fact that we are increasing our holdings suggests that there is growing confidence in Dogecoin’s potential, which could be a sign of further price appreciation in the future,” Pellicer told BeInCrypto. Ta.
Read more: How to buy Dogecoin (DOGE) and everything you need to know
Dogecoin coin holding time. Source: Into the Block
Coin tenure refers to the length of time a cryptocurrency is held without being sold or traded. A decline usually indicates increasing selling pressure. However, in the case of Dogecoin, time-to-hold has surged by 536% over the past seven days, suggesting investors are holding onto their holdings and patiently waiting for potential gains.
DOGE Price Prediction: Breakout Coming
On the daily chart, Dogecoin price is trying to break out of a descending wedge. This technical pattern is formed by two downtrend lines. This appears when the cryptocurrency enters its final decline and is classified as a bullish reversal as buyers take advantage of seller exhaustion.
With DOGE at $0.10, this move suggests that this coin may not experience any more significant declines in the short term. The Relative Strength Index (RSI) also measures momentum and prepares for a break above resistance.
Read more: 11 cryptocurrencies to add to your portfolio before altcoin season
Dogecoin daily price analysis. Source: TradingView
If confirmed, Dogecoin price could break above the overhead resistance at $0.11 and rise to $0.17 in the coming weeks. However, if rejected at $0.11, this prediction could be invalidated and Dogecoin could fall to $0.092.
Disclaimer
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