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Dogecoin Whale Captures 90 Million Tokens During Market Crash: What Does the Future Hold for DOGE?
In an unprecedented development observed in the broader context cryptocurrency market phenomenal crash today, a Dogecoin whale has turned heads with its massive accumulation. Recent on-chain insights reveal that a whale has pocketed a whopping 90 million DOGE from crypto exchange Binance.
This accumulation has given a glimpse of hope for Dogecoin’s future price efforts despite its recent decline to the $0.11 price level. So, let’s dive deeper into DOGE’s accumulation and current market dynamics.
Whale Bags 90M Coins Igniting Optimism
According to information provided by blockchain tracker Whale Alert, 90 million DOGE Tokens
worth $10 million, was accumulated by the whale address DGmzv39riE. This accumulation underlined the whale’s undaunted sense of confidence in the good.
Cryptocurrency market whales are large-scale investors that market participants closely monitor to judge market sentiment, risk, and sentiment. In particular, massive accumulations usually add a bullish tinge to a coin’s future prospects.
Furthermore, according to data from Blockchair, the aforementioned address contained a whopping 1.42 billion DOGE, worth $157.30 million. This data tips the scales towards the bullish side for Dogecoin, as despite the recent crash, the whale has refrained from selling. This could also mean that further price increases could be imminent, as the correction is a short-term part of the current bull run.
At the same time, at the time of going to press, DOGE remained in negative territory despite the buying pressure on the company.
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DOGE Price Recall, What Will Happen?
At the time of writing, the DOGE Price The chart showed signs of a pullback, falling 7.08% to $0.1101. Its 24-hour lows and highs were recorded at $0.1103 and $0.1196, respectively.
It is worth noting that Dogecoin corrected 10.46% last week, while the monthly chart showed a 30% drop. This declining action is in line with the broader market volatility.
Furthermore, a recent analysis by CoinGape Media highlighted that an extended bearish move could pave the way for DOGE to reach the $0.1 support level. However, the accumulation of whales has triggered compelling market sentiments, sending Dogecoin market participants into a hot seat.
Coinglass data added to this uncertainty, as DOGE Futures OI fell 3.42% to $578.21 million, while derivatives volume increased 64.80% to $1.64 billion. This data suggested that uncertain investor sentiments prevailed in the market.
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