DatafromthemarketintelligenceplatformIntoTheBlockshowsthatDogecoinwitnessed$1billioninlargetransactionsthesepastfewdays.
Dogecoin(DOGE)whalesappeartohaveusedtherecentpricecrashtoaccumulatethememecoin.ThisdevelopmentbodeswellforDogecoin,asthememecoinhasalreadyreactedpositivelywithapricerecoveryinthelast24hours.DogecoinWhalesAccountedFor$1BillionInLargeTransactionsDatafrommarketintelligenceplatformIntoTheBlockshowsthatDogecoinhasseen$1billioninlargetransactionsoverthepastfewdays.Largetransactionsaredefinedasthoseinvolving$100,000ormoreworthofDogecoinbeingtraded.AnincreaseinlargetransactionssuggeststhateitherwhalesareaccumulatingmoreDogecoinorlookingtooffloadtheirtokens.However,furtherdatafromIntoTheBlocksuggeststhatthesewhalesareindeedaccumulatingmoreDogecoinfollowingtherecentmarketdecline.Thenetflowstoexchangesmetrichasbeennegativeoverthepastsevendays,indicatingthatthesewhaleshavebeenbuyingthedipratherthanmovingtheirholdingstoexchangestoselltheirtokens.ThispresentsabullishoutlookforDOGEandfurtherhighlightstheseinvestors’beliefintheforemostmemecoin.ThiswaveofaccumulationbyDogecoinwhalesisalsosignificantasitcouldhelpsparkapricerecoveryforDogecoin,whichhaddroppedtoaslowas$0.11followingtherecentmarketdecline.Inadditiontothiswaveofaccumulation,Dogecoinalreadyappearedpoisedtoreboundtotheupsideasthemarketvaluetorealizedvalue(MVRV)ratioshowedthatthememecoinwasheavilyundervaluedatitscurrentpricelevels.CryptoanalystKrissPaxalsorecentlypredictedthatDogecoinshouldenjoyamassivebouncefromhereandmovesignificantlytotheupside.TheanalystcitedDOGE’srelativestrengthindex(RSI),whichhenotedpaintedabullishpictureforthememecoin.Interestingly,hesuggestedthatthiswasthelasttimetobuyDogecoinashedidn’tforeseethememecoingoinglowerthanitscurrentpricelevel.Paxalsopointedtotheincreasingaltcoindominance,whichcouldusherinthealtcoinseasonwherecoinslikeDogecoinareexpectedtoenjoyamassiverally.DOGEWillStillReach$1And$2InThisBullRunCycleInabullishnarrativeforDogecoin,cryptoanalystCryptoKaleorecentlypredictedthattheforemostmemecoincanhit$1and$2inthisbullrun.Henotedthatthememecoinhastradedsidewaysformostofitsexistence,butwhenitpumps,itisalwaysparabolic,alludingtohowthememecoinhadrallieswhereitenjoyeda6,000%and30,000%pricegaininthepast.CryptoKaleostatedthatthesemovescame8to9monthsaftertheprevioushalvings.Basedonhistoricaltrends,itisfittingthatDOGEdoesn’tenjoyarealbreakoutuntilsometimebetweenDecemberthisyearandFebruarynextyear.CryptoKaleopredictsthatDogecoincoulddroptoaslowas$0.08,retracingitspricelevelsbeforethemassiverallyitenjoyedthisyear.Heclaimsthatsuchamovewouldbesimilartothe-30%drawdownandretracethatoccurredinAugust2020,severalmonthsbeforeDogecoinwetmainstreamandbegantopumpmassively.
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