According to crypto-analysis firm IntoTheBlock Dogecoin whales (DOGE), have been piling up the meme coin for the last couple of 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
The IntoTheBlock database shows that 62% DOGE is owned by whales. This can lead to price changes in the case of a large accumulation or a sale. 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 has always been a fan of Dogecoin and never stopped supporting it. Musk’s remarks have led to frequent price increases for this asset, irrespective the overall market sentiment.
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Market conditions and future predictions
Some DOGE bulls might also expect a crypto-market rally after the US inflation came in at a lower rate than anticipated, 2.5%. Federal Reserve also announced interest rate reductions starting 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 will consolidate in the next couple of days, before dropping to $0.087 at the end the month. A drop of 13.86% is expected if Dogecoin’s price drops to $0.087 by the end of the month.
The researchers at Changelly also have a similar view of DOGE. Platform analysts predict that the price of the asset will consolidate over the coming days, before undergoing a correction. Changelly believes DOGE’s price will drop to $0.088 at the end of this month.
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Source: watcher.guru
