- 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.
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:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
This is why a mere 15% rally in Lido DAO price could be a game-changer for LDO holders
Lido DAO price is following the rest of the market due to the regulatory events that transpired in the last few days. However, the DeFi token is generally unlikely to pursue the path set by any other cryptocurrencies, including the likes of Bitcoin. This might play in favor of LDO.
LINK holders opt to sell as Chainlink price falls by 9% in a week, new investors on the rise
Chainlink price, after following the broader market cues, is nearing a key support level that was last visited by the coin in January this year. This has discouraged LINK holders to the point where selling has become a preferred option. However, newer investors are countering this selling by accumulating, preventing a severe decline.
Optimism price could rally 50% as network upgrade inspires new wave of OP adoption
Optimism (OP) price appears to have found support after a new buyer congestion zone came into effect to prevent the free fall. Accordingly, the Ethereum Layer 2 (L2) token is trading horizontally, giving bulls time to accumulate OP at affordable rates.
Binance CEO addresses chat records disclosed by the SEC
Binance CEO Changpeng Zhao has issued an internal address to company staff, asking them to focus on work and developing products people can use. The internal memo comes after the United States Securities and Exchange Commission (SEC) disclosed chat records between Binance employees in an attempt to support its case against the largest crypto exchange by trading volume.
Top 3 cryptocurrencies that outperformed Bitcoin, Ethereum this week
The US Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies triggered a correction in the prices of Bitcoin, Ethereum and several altcoins with large market capitalization.