Dogecoin (DOGE) Price Surge Imminent as Whales Accumulate
Dogecoin’s price movement might be affected by the recent actions of big investors, called whale investors. These investors have increased their holdings of Dogecoin by over 900 million in just one week, bringing their total holdings to 18.09 billion DOGE, worth about $129 million according to Santiment.
Following this increase, the price of Dogecoin went down. This could mean two things: the big investors are expecting the price to go up in the future, or they are losing money because they now own more Dogecoin.
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One important thing to consider is the Market Value to Realized Value (MVRV) ratio, which currently supports the actions of the big investors. The MVRV ratio gives some insights on whether investors are making or losing money. With Dogecoin’s 30-day MVRV at -7.4%, this could lead to more accumulation as it indicates that investors might make a profit, leading them to buy more.
Historically, Dogecoin has bounced back when the MVRV ratio is between -5% and -13%, often signaling that the price might go up. This is usually seen as an opportunity for big investors to buy more. Considering these factors, it’s likely that Dogecoin’s price could go up, which might benefit the big investors.
Future Market Outlook
Looking ahead, if Dogecoin can hold on to $0.15 as a support level, it might start going up. The cryptocurrency had a setback this week after it couldn’t stay above $0.16 and fell below the $0.15 support level. If Dogecoin can pass the $0.15 level, it might go up to $0.17 because big investors are buying more. This could help the cryptocurrency recover from its losses since the end of May.
Source: Tradingview
On the other hand, if Dogecoin can’t hold on to $0.15 and falls to $0.14, it might not go up. In that case, Dogecoin might face more pressure to go down, potentially dropping to $0.12.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
