The Dogecoin (DOGE) whales appear to have used the recent price crash to accumulate more of the most important meme coin. This has provided a positive development for Dogecoin, and meme coins have responded positively to seeing how its price has recovered in the past 24 hours.
Dogecoin whales accumulate more dog
Data from the market intelligence platform IntoTheBlock shows that Dogecoin has witnessed $1 billion in large transactions over the past few days. Large transactions involve Dogecoin transactions worth $100,000 or more. The increase in large transactions indicates that the whales are either accumulating more Dogecoin or hoping to sell the tokens.
Source: IntoTheBlock
Further data from IntoTheBlock indicates that these whales have indeed accumulated more Dogecoin after the recent market downturn. The net flow into exchanges indicator has been negative for the past seven days, indicating that these whales have been buying the dip instead of transferring the stocks they hold to exchanges to sell their tokens.
Source: IntoTheBlock
This has brought optimistic prospects for DOGE and has once again highlighted the belief of these investors in the most important meme coin. The wave of accumulation by Dogecoin whales is also significant, as it could help drive the price of Dogecoin back up. Following the recent market downturn, the stock price of Dogecoin has fallen to $0.11.
In addition to this wave of accumulation, Dogecoin appears ready for a rebound, as the ratio of market value to realized value (MVRV) suggests that the meme coin is significantly undervalued at current price levels. Cryptocurrency analyst Kriss Pax recently predicted that Dogecoin should see a significant rebound from now and a major uptrend.
The analyst mentioned the relative strength index (RSI) of DOGE, pointing out that it paints a bullish picture for the meme coin. Interestingly, he states that now is the right time to buy Dogecoin, as he did not foresee the meme coin falling below current price levels. Pax also mentioned the growing dominance of altcoins, which could herald an altcoin season, during which coins like Dogecoin are expected to see a massive rebound.
During this market cycle, DOGE is still expected to reach $2
Cryptocurrency analyst Crypto Kaleo recently provided an optimistic statement for Dogecoin, predicting that the most important meme coin could rise to $1 and $2 in this bull market. He pointed out that the most important meme coin has been trading sideways for most of its existence, but when it sees volatility, it’s always parabolic, referring to how the meme coin rebounded during price increases of 6000% and 30000% in the past.
Source: X
Crypto Kaleo mentioned that these movements occur 8 to 9 months after previous pauses. According to historical trends, DOGE is not expected to truly break out until sometime between December of this year and February of next year, which is very fitting.
Crypto Kaleo predicts that the price of Dogecoin could fall to $0.08, returning to levels before the major increase earlier this year. He claims that such a move would be similar to the -30% drop and rebound that occurred in August 2020, after which Dogecoin went mainstream and began a massive pump.
DOGE price at $0.12|Source: DOGEUSDT on Tradingview.com
