Dogecoin Whales Buy the Dip: 140 Million Tokens Purchased in 24 Hours

Dogecoin (DOGE) has experienced a significant price correction, dropping over 8% within 24 hours. Despite the decline, analysts view it as a healthy adjustment, creating an opportunity for whales to accumulate more of the meme coin.

According to market analyst Ali Martinez, Dogecoin whales have purchased a staggering 140 million DOGE in the last 24 hours, signaling their confidence in the cryptocurrency's long-term prospects.

Dogecoin's Surge and Correction

Despite the recent price dip, Dogecoin has had a remarkable week, surging over 89%. This far outpaces Bitcoin's weekly growth of 17%. The meme coin's appeal has attracted significant capital, leading many to believe its rally is only just beginning.

Whale Interest Amidst Price Slump

The whale buy-up indicates that despite the price decline, interest in Dogecoin remains strong. The 140 million DOGE purchased is valued at approximately $56 million, demonstrating that even during a price correction, the coin holds significant potential.

Technical Analysis

Analysts believe that after the sell-off, Dogecoin may regain its bullish momentum. However, the key question is where it will find support. The coin is currently struggling to establish $0.36 as a support level.

Bitcoin Correlation

While Dogecoin has shown signs of decoupling from Bitcoin's price, it remains strongly influenced by the broader market. As such, a sustainable growth trend for Dogecoin will likely align with Bitcoin's overall performance.

Conclusion

Dogecoin's recent price correction has presented an opportunity for whales to buy the dip. Despite the volatility, the coin's strong fundamentals and whale interest suggest that it has the potential for further growth in the future.

(Original article: U.Today)