There was a big sell-off in the cryptocurrency market. Despite the general negative attitude in the Bitcoin and altcoin market, whales focused on Dogecoin (DOGE) during this period.
There is an increase in the number of addresses holding DOGE
Last week, there was a 5.13% increase in the number of addresses with 100 million to 1 billion DOGE, as crypto trader BullBNB explained. In addition, about six more whales joined the network. Thus, it brought an additional 620 million DOGE to the network.
Dogecoin: The number of addresses holding 100M – 1B DOGE increased by 5.13% last week. About 6 new whales joined the network, collecting about 620 million DOGE. With that in mind, I’m going to buy a brand new DOGE bag.
In light of this, the trader recently tweeted, “I’m about to buy a new DOGE bag.” The last whale event was a big surprise for DOGE holders and investors. So what compelled the whales to seek DOGE?
Is it time to buy dips for altcoin?
cryptocoin.comAs you follow, the current market environment is extremely negative for most cryptocurrencies. The release of the US CPI report and the fear of the Fed’s rate hike triggered a widespread sell-off in the stock and crypto markets. Cryptocurrencies followed the bearish path as the dollar climbed to highs.
At press time, the meme-coin is down 9.94% from its September 12 peak. According to crypto analyst Jet Encila, DOGE was not enough to block a 9.56% drop on Sept. 18, even if it showed bullish signals. The analyst assesses that this decline would have pushed whales to save rather than sell their DOGE supply. Accordingly, whale activity has now increased. So what does this mean for DOGE?
Dogecoin bull behavior
DOGE’s rise came as a surprise as the cryptocurrency market continued to decline, especially Bitcoin and Ethereum. This increase in price is attributed to the whales’ recent overbought in DOGE, the analyst said. At press time, DOGE was trading at $0.066041, up 9.4% over the past seven days, according to data from Coinecko.
According to the analyst, this shows that the meme-coin is leading the crypto market. It also means that it gives hope to the entire crypto market that a respite is on the horizon. But investors and traders need to ask whether this is really a flash in the pan or a persistent bullish trend. The analyst makes the following assessment:
DOGE tested the resistance level at the 0% Fib level. Also this was answered by a long wick of rejection followed by a red candle. It is possible that this is the start of a short correction period for DOGE that will cause a slight price drop. In the coming days, we can expect to receive additional information.
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