Dogecoin (DOGE) Price Prediction: Will History Repeat Itself?
- Linda HamiltonOriginal
- 2024-10-08 16:02:151049browse
Large Dogecoin holders have accumulated a staggering 2.07 billion $DOGE in the past week, marking the highest level of accumulation since January 2023.
Large Dogecoin holders have shown remarkable interest in accumulating more tokens, adding a staggering 2.07 billion $DOGE to their holdings in the past week alone. This marks the highest level of accumulation by major holders since January of this year.
According to data from IntoTheBlock, large Dogecoin holders, defined as those holding between 100 million and 1 billion $DOGE, have been steadily increasing their holdings throughout 2024. This accumulation began to accelerate in March, coinciding with Dogecoin's breakout from a multi-year descending triangle pattern.
As Dogecoin's price surged following this breakout, so did the rate of accumulation by large holders. This trend continued until May, when Dogecoin's price peaked at around 0.28$, leading to a subsequent market correction.
During this correction, large Dogecoin holders slowed their rate of accumulation as the token's price fell sharply. However, they did not begin to sell their holdings en masse, as might be expected in a bear market.
Instead, large Dogecoin holders continued to accumulate tokens throughout the summer months, albeit at a slower pace. This accumulation began to pick up again in September, as Dogecoin's price showed signs of bottoming out following its recent decline.
By the end of September, large Dogecoin holders had already increased their holdings by 1.2 billion $DOGE in the span of just three weeks. This rate of accumulation continued to rise into October, with another 0.87 billion $DOGE being added to their holdings in the first week of the month.
Overall, this sustained accumulation by large Dogecoin holders is a bullish sign for the token, as it suggests that major investors are still optimistic about its long-term prospects despite recent market volatility.
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