Whale scoops up 400 million Dogecoin as the meme coin price plummets 10%

A whale has purchased $31.6 million worth of Dogecoin, accumulating the meme coin through the recent price slump.
Thousands of large wallet investors on the Binance Smart Chain hold Dogecoin; it ranks in their top 10 holdings.
Analysts believe the Dogecoin price could continue to bleed until the meme coin makes a comeback to the $0.08 level.

Ekta Mourya FXStreet

Large wallet investors are accumulating Dogecoin through the recent slump in price. Analysts continue to have a bearish outlook on the meme coin despite large-scale accumulation by whales on the Binance smart chain.

Whales accumulate Dogecoin despite price drop

The Shiba-Inu-themed cryptocurrency Dogecoin is being accumulated through the recent drop in price. Large wallet investors on the Binance Smart Chain have scooped up DOGE through the recent price drop.

A whale referred to as “Scarlet Witch,” identified by the Reddit community, completed the purchase of 400 million Dogecoin tokens worth $31.66 million. The transaction was completed by making a payment of $0.11 in fees on June 10, 2022.

The whale has been identified as the seventy-fourth largest wallet holder on the Binance smart chain.

Dogecoin price is 91% below its all-time high, and the meme coin is changing hands at $0.73, posting double-digit losses over the weekend. Despite the price slump, whales are bullish on Dogecoin price recovery and continue accumulating the meme coin.

Analysts predict a further decline in Dogecoin

Kelvin Maina, a cryptocurrency analyst, evaluated the Dogecoin price chart and noted that a drop below the $0.08 price level signals bullish trend reversal is invalidated. The meme coin could continue to decline with a bear takeover.

DOGE-USDT price chart

FXStreet analysts have evaluated Dogecoin’s competitor Shiba Inu price chart and believe SHIB could fail to break this support level. For more information, watch the video:

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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