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.
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.
