the The price of Dogecoin has undergone a significant collapse Along with the rest of the market after the price of Bitcoin fell to $60,000. This has resulted from escalating tensions in the Middle East with continued fear of war. While the decline in DOGE price has created panic among investors, everyone has succumbed to fear. In particular, Dogecoin whales saw this as an opportunity to load their bags, purchasing more than a billion coins in a single day.
Dogecoin whales spend $108.7 million
Earlier this week, Dogecoin price suffered a roughly 20% decline from above $0.12. This sparked a wave of selling pressure that continued to boost the bears. As a result, DOGE price has remained low with no sign of recovery from here. Naturally, this sent shockwaves through society as investors remained clinging to the recovery.
However, not all investors remain terrified by the price collapse. Instead, some Dogecoin investors took this as an opportunity for more DOGE. Essentially, these large holders with between 100 million and 1 billion DOGE are the ones who are buying.
According to one publication subscriber According to cryptocurrency analyst Ali Martinez using data from Santiment, these whales with at least $10 million worth of coins have purchased more than 1 billion coins. This means that whales spent $108.7 million buying Dogecoin in just one day.
This suggests that whales do not see this downward trend continuing from here. Historically, October has been a bullish month for the cryptocurrency market, often fondly referred to as “Uptober.” Therefore, investors continue to hold out hope for a market recovery.
October starts off on a bad note
Looking at Dogecoin’s October performance in previous years, it’s clear to see why October was expected to be a bullish month. However, this was not the case, at least at the beginning of the month.
Dogecoin’s price actually fell 4.98% in October after rising 12.6% in September. Since it is still early in the month, there will likely be a shift in DOGE price from here as the month winds down. However, if the bears continue to dominate, Then the price could fall further.
Dogecoin’s average returns for October are +7.36%, which shows how bullish this month usually is. As the end of the year approaches, the situation gets even better, especially in December, which has averaged 26.4% returns so far, CryptoRank Data He appears.
Featured image created with Dall.E, chart from Tradingview.com