Dogecoin, the leading doggy-themed meme coin, has recently experienced a significant downturn in price, dropping as much as 34% from its recent highs. However, amidst the market turmoil, Dogecoin whales, investors holding between 10,000,000 DOGE and 100,000,000 DOGE, have been actively accumulating the coin. According to data from Santiment Feed, these whales have acquired 270 million coins worth approximately $90.4 million over the past four days. This accumulation trend has led to speculation that a potential price bounce may be on the horizon.
Whale activity in the crypto market is often seen as a precursor to price movements, and in the case of Dogecoin whales, their recent accumulation could signal a turnaround for the coin. Despite the recent price drop, Dogecoin has already shown signs of recovery, bouncing 27% from its lows to trade at $0.33317. This recovery, coupled with the whale accumulation, has bolstered the belief among some analysts that Dogecoin still has upside potential in terms of price appreciation.
Analysts have suggested that Dogecoin’s recent correction was to be expected and may actually pave the way for a larger rally in the future. Ali Martinez, a prominent crypto analyst, has drawn parallels between Dogecoin’s current situation and its previous price runs in 2017 and 2021. In both instances, the coin experienced significant correction before staging a major rally. Martinez has set an ambitious upside target of $18 for Dogecoin, while Elemento Cripto founder Javier Santini has set a more conservative target of $4. These targets indicate the varying beliefs among analysts regarding Dogecoin’s potential price trajectory.
The recent behavior of Dogecoin whales, along with the analysis of prominent experts, has instilled confidence in the coin’s future prospects. Despite the recent market uncertainty caused by the Federal Reserve’s liquidity projections, Dogecoin whales have continued to accumulate the coin, signaling their belief in its long-term viability. This accumulation trend has been viewed by some as a positive indicator for a potential price rebound in the near future, further supported by Dogecoin’s recent recovery from its lows.
As Dogecoin continues to navigate through the volatile crypto market, the actions of whales and the insights of analysts play a crucial role in shaping its price trajectory. The recent accumulation by Dogecoin whales, coupled with the optimistic targets set by experts, paint a picture of a coin that still holds potential for significant price appreciation. With the ongoing market uncertainty and the potential for a larger rally in the future, Dogecoin investors and enthusiasts remain hopeful for a positive outcome.
