According to IntoTheBlock crypto analyst firm, Dogecoin whales (DOGE), have been piling up Dogecoin over the past few days. The platform claims that whales have increased their DOGE inflow from 46.2 million dollars to 493.15 millions on September 11. This represents a rise of approximately 970%.
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Whale accumulation and market impact
Data from IntoTheBlock shows that large wallets hold 62% of DOGE, which can cause price fluctuations in case of whale sales and accumulations. Platform data shows that 70% DOGE owners are making profits, while 26% have losses and only 3% of holders are at even.
What are DOGE whales buying?
Elon Musk could have influenced the latest trend in accumulation. recent comment about being the “Dogefather.” Musk is a Dogecoin fanatic and has supported the meme currency since its inception. Musk’s remarks have led to frequent price increases for this asset, regardless of larger market sentiment.
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Market Condition and Future Forecasts
The DOGE Whales could also anticipate a rise in the cryptomarket following the announcement of the lower-than-expected inflation rate in the US, at 2,5%. Federal Reserve announced that interest rates will be cut from this month.
These two developments may trigger a crypto-market rally. Rate cuts are usually followed by a surge in the inflow of risky assets such as cryptocurrencies.
Will The Original Memecoin Rally take place?
CoinCodex analysts believe Dogecoin’s (DOGE’s) price could consolidate in the future. next The price will drop to $0.087 before the end the month. A drop of 13.86% will be experienced if you reach $0.087.
The researchers at Changelly also have a similar view of DOGE. Platform predicts that the price of the asset will consolidate over time. next A few days prior to a possible correction. Changelly forecasts DOGE to fall to $0.088 at the end of this month.
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Source: watcher.guru