Dogecoin Whales Keep Buying but DOGE Price Keeps Dropping

TL:DR;

• Dogecoin whales have gone on a real accumulation streak in the past few days, but the asset’s price has yet to recover from the substantial losses charted on a weekly scale.
• Nevertheless, analysts remain bullish, predicting that DOGE has hit its low during this cycle and will bounce off soon.

It wasn’t all that long ago when DOGE’s price stood well above $0.4. In fact, the last time the OG meme coin traded above that threshold was on January 21, when it briefly spiked above it.

However, its downfall began immediately, and it has not touched that line ever since. The most substantial slump came during Monday morning’s market-wide crash when all crypto assets bled out,

and DOGE was among the poorest performers with a price dump to $0.2 (a two-month low).

The market started its recovery shortly after, and Dogecoin even neared $0.3 on Tuesday but was quickly rejected and is down to under $0.25 as of now. This represents a 25% decline on a weekly scale.

This substantial correction comes despite Dogecoin whales’ behavior, which has been quite bullish. As reported on Thursday, these large market participants had accumulated over 750 million DOGE during the crash.

They kept buying in the following days and added another 100 million within a 24-hour period, thus further reducing the available supply.

https://twitter.com/ali_charts/status/1887869927995961775?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

None of those purchases have materialized in a price rebound yet. However, this hasn’t deterred certain analysts from predicting a strong recovery, given DOGE’s historical performance.

Trader Tardigrade said the meme coin had copied its 2017 price movements, and it seems to have bottomed out, which could propel it toward a new all-time high soon.

KrissPax acknowledged the substantial correction but said such moves occur every cycle and are to be expected. He noted that they tend to shake out weak hands but are actually ‘excellent times to buy more on dips and prepare for what’s coming.’

https://twitter.com/krisspax/status/1887885983107965423?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

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