Whale Dogecoin Serok-serok di Tengah Pasar yang Lesu, Tanda Apakah Ini?

Dogecoin Surge on Whale Activity

Dogecoin (DOGE) has witnessed significant activity from its largest holders, known as whales, who appear to be utilizing the recent price dip as a buying opportunity.

Whale Accumulation Boosts DOGE

According to data from market intelligence platform IntoTheBlock, DOGE has seen over $1 billion worth of large transactions in the past few days. These large transactions, defined as trades involving at least $100,000 worth of Dogecoin, indicate increased activity among whales.

NewsBTC reported that the data suggests these large holders are either accumulating more DOGE or selling their tokens. Further analysis from IntoTheBlock shows that whales have indeed been accumulating more Dogecoin following the recent market downturn.

The net flow to exchange metric, which tracks the movement of DOGE into and out of exchanges, has been negative over the past week. This suggests that whales are buying the dip rather than moving their holdings to exchanges to sell.

Bullish Outlook for DOGE

This accumulation brings a bullish outlook for DOGE, highlighting the belief these investors have in the leading memecoin.

The substantial accumulation by Dogecoin whales could trigger a price recovery, especially as the cryptocurrency had dipped to as low as $0.11 during the recent market downturn.

Complementing this accumulation, Dogecoin is primed for a rebound. The MVRV ratio, which compares DOGE's market cap to its realized cap, indicates that the memecoin is undervalued at its current price level.

Analyst Predictions and Market Trends

Crypto analyst Kriss Pax recently predicted a significant price surge for Dogecoin moving forward. Pax highlighted DOGE's RSI indicator, noting that it presents a bullish picture for the memecoin. He suggests this is a good time to buy Dogecoin, predicting that it is unlikely to drop below its current price level.

Pax also pointed to the rising altcoin dominance, which could signal the start of an altcoin season where cryptocurrencies like Dogecoin are expected to experience significant rallies.

Another prominent crypto analyst, Crypto Kaleo, shared a bullish outlook for Dogecoin, predicting the memecoin could rise to $1 and $2 during this bull run.

Kaleo noted that Dogecoin historically has traded sideways for most of its existence, but when it rallies, it tends to do so parabolically. He referenced previous rallies where Dogecoin enjoyed 6,000 and 30,000 percent price increases.

Kaleo mentioned that these significant price movements tend to occur 8-9 months after the previous Bitcoin halving.

Based on historical trends, it is likely that Dogecoin will not make a substantial breakout until sometime between December this year and February of next year.

However, Kaleo also predicted that Dogecoin could drop as low as $0.08, revisiting the price levels before the massive rally it enjoyed earlier this year. He compares this potential move to a -30% drop and retracement that occurred in August 2020, months before Dogecoin became mainstream and started its major uptrend.