See More

Dogecoin (DOGE) Price Could Witness a Rally as Whales Accumulate  

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • Dogecoin’s price has been observed to decline for the past few days, falling below $0.15.
  • Whale addresses have over 900 million DOGE worth $129 million in the past week.
  • The MVRV ratio is also in the opportunity zone, synonymous with recoveries.
  • promo

Dogecoin (DOGE) is looking to recover some of the losses the investors witnessed over the last few days.

The whales could likely be driving the rally owing to their accumulation,  motivating retail investors to do the same.

Dogecoin Whales Are a Step Ahead

Dogecoin’s price could likely witness the impact of whale investors’ recent move. The addresses holding between 10 million and 100 million DOGE have added a little over 900 million DOGE in the span of a week.

This $129 million worth of supply has brought up their supply to 18.09 billion DOGE. Given right after their accumulation, the price dropped down this week, there are two likely outcomes. Either the whales are preempting the rally, or they are facing losses. 

Dogecoin Whale Holdings.
Dogecoin Whale Holdings. Source: Santiment

This is clarified by the Market Value to Realized Value (MVRV) ratio, which actually favors the whales. The MVRV ratio measures investor gains and losses. Dogecoin’s 30-day MVRV of -7.4% indicates profitability, potentially leading to accumulation. 

Historically, DOGE tends to recover as MVRV between -5% and -13% often precedes rallies. This results in this area being identified as an accumulation opportunity zone.

Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

Dogecoin MVRV Ratio.
Dogecoin MVRV Ratio. Source: Santiment

Thus, Dogecoin’s price has a good shot at recovery, making whales’ moves potentially profitable.

DOGE Price Prediction: Recovery Ahead

Dogecoin’s price could likely begin recovering in the coming days, provided it can secure $0.15 as a support floor again. The meme coin fell through this level this week after also failing to close above $0.16.

Should DOGE successfully close above $0.15, it could witness a jump to $0.17 on the back of whale accumulation. As a result, the losses observed since the end of May will be recovered.

Read More: Dogecoin (DOGE) Price Prediction 2024/2025/2030

Dogecoin Price Analysis.
Dogecoin Price Analysis. Source: TradingView

However, if Dogecoin’s price fails to reclaim $0.15 as a support level and instead drops to $0.14, the bullish thesis would be invalidated. Consequently, the meme coin could drop to $0.12.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2t314.png
Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
READ FULL BIO
Sponsored
Sponsored