Whales have accumulated 750 million Dogecoin (DOGE) during a recent price dip, with analysts predicting a potential surge.
Dogecoin’s price decline continues, marking three consecutive days in the red. The leading meme coin has dropped over 4% in the past week, with most other assets in the top ten by market capitalization facing similar declines. Despite this downturn, market data suggests that whales are accumulating Dogecoin in large amounts.
Meanwhile, recent on-chain data reveals that large holders have taken advantage of Dogecoin’s price decline. An expert observes that whales holding between 10,000,000 and 100,000,000 DOGE acquired 750 million DOGE during the dip.
The data suggests a significant accumulation event, reflecting strong confidence in the asset despite the overall market downturn.
More Data DOGE Accumulations
Meanwhile, IntoTheBlock’s analysis further supports the accumulation trend. Over the last seven days, Dogecoin’s inflow metrics rose by 5.33%, indicating consistent short-term buying activity.
The 30-day change stands at 323.86%, demonstrating a sharp increase in buying pressure. Over 90 days, inflows have surged by 3,722.46%, showing a significant increase in whale interest over the past three months.
More Promising Signs for Dogecoin Comeback
While Dogecoin’s price remains in a corrective phase, other technical analysts have observed key patterns that could signal potential movements. A veteran trader, Coinvo, has identified a corrective ABC wave pattern on the DOGE/USDT daily chart.
According to the analyst, “Everything is pointing towards a DOGE move higher.” Notably, the observed pattern suggests that the market may be nearing the end of its current correction phase, potentially leading to a reversal and bullish movement.
Analyst Forecasts Audacious $440 Target.
Notably, another market analyst has examined historical price movements to determine a possible peak for Dogecoin’s ongoing cycle. Observations from previous price cycles indicate that Dogecoin has followed a recurring pattern, with peak prices appearing roughly every 1,442 days.
Historical data shows that Dogecoin surged by 21,821% in its first recorded cycle, reaching a peak in January 2018. The second cycle, which ended in May 2021, saw a rise of 54,890% from its cycle low.
His analysis suggests a price target exceeding $10, yet the data from the chart implies an even more ambitious projection, estimating DOGE could surge to $440.
Latest Cryptocurrency News – The Crypto Basic – Read More