Dogecoin Whales Keep Buying but DOGE Price Keeps Dropping

TL;DR:

Dogecoin whales have been accumulating heavily, but the asset's price remains in decline on a weekly basis. Despite this, analysts remain optimistic, predicting a recovery based on DOGE's past performance.

Price Movement and Whale Accumulation:

DOGE's price has fallen significantly since trading above $0.4 in January. The largest decline occurred during the market-wide crash on Monday, pushing DOGE to a two-month low of $0.2.

Despite the price weakness, Dogecoin whales have been actively accumulating. They purchased over 750 million DOGE during the crash and have added another 100 million in recent days.

Analyst Predictions:

Analysts believe DOGE has bottomed out due to its 2017 price pattern. They predict a strong recovery, potentially leading to a new all-time high.

Other analysts emphasize that significant corrections are normal in market cycles. They suggest that such pullbacks provide opportunities for dip buying ahead of expected rebounds.

Conclusion:

While Dogecoin whales have accumulated heavily, the asset's price has not yet responded positively. However, analysts remain bullish, citing historical performance and market cycle behavior as reasons for optimism.