Bitcoin Experiences Decline While Dogecoin Whales Accumulate

Bitcoin Declines Amidst Dogecoin Whale Accumulation

Bitcoin (BTC) has been trading around $66,700, hitting a low of $66,200 today. Losses have persisted since Friday, despite a brief recovery prior to the Fed meeting.

Dogecoin Whales: A Loyal Investor Base

Dogecoin (DOGE), the original meme coin, has faced numerous competitors over the years. While Shiba Inu surpassed it in market value, DOGE remains distinct due to its loyal whale investors. Addresses holding 10-100 million DOGE have accumulated 900 million DOGE in just one week, totaling 18.09 billion Dogecoin.

Price Prediction: Bullish Signals Despite Market Decline

Despite the broader market decline, the 30-day DOGE MVRV ratio has fallen to -7.4%. This suggests a buy signal, typically between -5% and -13%, fueling bullish sentiment.

DOGE bulls are currently struggling to maintain $0.15 as support, with the price dropping to $0.1415. If support holds, a potential rally to $0.16-$0.17 could unfold. However, if support is lost, gradual declines to $0.12 or even $0.08 are possible, especially if whale selling increases.

Despite the broader market downturn, long-term investors may see opportunities to reduce their costs at lower DOGE levels.