the Dogecoin price We may soon see another price surge following the recent accumulation trend from crypto whales. Onchain data shows that these whales bought billions of DOGE tokens in the past week, which could lead to a stimulus High prices For a meme coin above all.
Dogecoin price could rise as whales buy over 2 billion DOGE
Dogecoin price could rise as whales bought 2.07 billion DOGE tokens in the past week. Data From market intelligence platform IntoTheBlock it shows that this is the net flow of the large holder over the seven days. This net flow indicates the difference in the amount of these Dogecoin whales Withdrew from stock exchanges and the extent of their transfer to stock exchanges.
Interestingly, Bitcoinist mentioned that: Whales bought Dogecoin Over 1 billion DOGE tokens ($108 million) were mined in less than 24 hours, further highlighting the pace at which the first meme coin was amassed. There is no doubt that this cumulative trend between these whales is an upward trend for the price of Dogecoin, as it may lead to a rise in the meme coin.
Cryptocurrency analyst Ali Martinez also noted that a price hike is imminent, considering how these whales want exposure to the hottest meme coin. He stated that the number of large transactions on the network continues to rise, indicating this Institutional players DOGE whales are preparing for a potential upward movement.
These investors are hoping that Dogecoin’s next price rebound will spark a meme coin rally, considering that DOGE has so far lagged behind the broader cryptocurrency market, including other meme coins. Although DOGE boasts year-over-year (YTD) gains of over 21%, it does not compare to the price gains achieved by other leading meme currencies such as Pepe (PEPE) and Dujoyvat (WIF) I registered.
Other factors that could influence price recovery
External factors such as the macro aspect can affect the recovery of Dogecoin price. Bitcoinist reported that Meme coin price crash Recently due to market uncertainty caused by the recent US jobs report, Geopolitical tensions And the upcoming US presidential elections. Therefore, these factors could hold back any rise in Dogecoin prices until investors become confident about how these events will unfold.
On the macro side, the United States Consumer Price Index (CPI) Inflation data scheduled for release on October 10 will guide these investors on whether to allocate more capital to risk assets like Dogecoin. This data could determine whether the US Federal Reserve will cut interest rates by 50 basis points in November Federal Open Market Committee meeting.
A 50 basis point rate cut provides a bullish outlook for Dogecoin. It will increase investors’ risk appetite and boost their confidence in investing in crypto assets like DOGE.
At the time of writing, Dogecoin price is trading at around $0.1092, up approximately 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com