Dogecoin Price Could Rally As Whales Buy Over 2 Billion DOGE

The Dogecoin price could surge as whales have bought 2.07 billion DOGE tokens in the last week. Data from the market intelligence platform IntoTheBlock shows this was the large holder's netflow over the seven days.

Dogecoin price could be set for another rally after a recent accumulation trend by crypto whales. Onchain data reveals that these whales have purchased billions of DOGE tokens in the past week, potentially sparking a price surge for the leading meme coin.

Dogecoin Price Poised to Rally as Whales Buy Over 2 Billion DOGE

Dogecoin price is showing signs of strength as whales have acquired 2.07 billion DOGE tokens in the last seven days. According to data from market intelligence platform IntoTheBlock, this netflow showcases the large holder’s activity.

This netflow highlights the difference in the amount of Dogecoin these whales withdrew from exchanges and the amount they transferred to exchanges. Notably, whales purchased over 1 billion DOGE tokens ($108 million) in less than 24 hours, as reported earlier by Bitcoinist, further emphasizing the rapid pace of accumulation for the leading meme coin.

This accumulation trend is certainly bullish for Dogecoin price, as it could trigger a rally for the meme coin. Crypto analyst Ali Martinez also suggests that the price rally is imminent, considering how these whales are looking to gain exposure to the leading meme coin.

He adds that the number of large transactions on the network continues to rise, indicating that institutional players and DOGE whales are positioning themselves for a potential move to the upside.

These investors will be hoping for the next Dogecoin price recovery to kickstart the meme coin’s bull, especially since DOGE has so far lagged behind the broader crypto market, including other meme coins. While DOGE boasts a year-to-date (YTD) gain of over 21%, it pales in comparison to the price surges recorded by other leading meme coins like Pepe (PEPE) and Dogwifhat (WIF).

External Factors Impacting a Price Recovery

It’s important to note that external factors, particularly on the macro side, could impact a Dogecoin price recovery. As reported earlier by Bitcoinist, the meme coin’s price took a hit recently amid market uncertainty fueled by the latest US jobs report, geopolitical tensions, and the upcoming US presidential elections.

Hence, these factors could potentially hinder any price rally for Dogecoin until investors gain clarity on how these events will unfold. On the macro front, the upcoming US Consumer Price Index (CPI) inflation data, set to be released on October 10, will be closely monitored by investors.

This data will provide further insight into whether investors are allocating more capital to risk assets like Dogecoin. It could also determine if the US Fed will opt for a 50 basis points (bps) rate cut at its November FOMC meeting.

A 50 bps rate cut would be bullish for Dogecoin, increasing investors’ risk appetite and boosting their confidence in crypto assets like DOGE. At the time of writing, Dogecoin price is trading around $0.1092, up nearly 2% in the last 24 hours, according to data from CoinMarketCap.

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