Dogecoin (DOGE) On Top Of Whales Menu

The cryptocurrency market has seen a huge sell-off. Whales are now focusing their attention on Dogecoin, DOGE, and the negative outlook in the industry.

According to @bull Bnb, there was an increase of 5.34 percent in addresses with between 100million and 1 billion DOGE.

For Dogecoin, the percentage of wallets with between 100 million and one billion Dogecoin has grown by 5.13 percent in the last week. Six additional whales joined the network to bring in additional 620,000,000 DOGE.

In light of this, @bull bnb recently tweeted, “I’m about to scoop a fresh brand new bag of #DOGE.”

Doge investors and holders of DOGE have been pleasantly surprised by the recent whale activity. Then, what prompted the whales and investors to look for DOGE?

Are You Ready to Buy The Dip?

The current market conditions are extremely bad for cryptos, as you might be aware. Fear sparked by the CPI report’s release and the U.S. Federal Reserve’s interest rate hike triggered a widespread selling off in the stock and cryptocurrency markets.

This decline was also felt in the USD. As of the publication date, the memcoin was down 9.94% from September 12, when it reached its highest point. Even though DOGE did show signs of bullishness it could not prevent an 8.56 percent decrease on September 18.

This may have caused whales to look for accumulation, rather than selling DOGE. How does whale activity change for DOGE now that it has increased?

Dogecoin Bullish Behavior 

DOGE’s bullishness came as a surprise as the cryptocurrency market continues to decline, particularly Bitcoin and Ethereum.

This increase in price can be ascribed to the whales’ recent buying binge in DOGE. Data from Coingecko indicate that DOGE trades at $0.066041 as of the writing. That’s 9.4% higher than the previous seven days.

This implies that the memecoin is leading the crypto market, giving the entire crypto market hope that respite is on the horizon. However, traders and investors must question whether this bullish trend is just a passing fad or something that will continue.

As of the time of writing, the token’s resistance level was tested at the 0% Fib level. The token was rejected by the long wick, then a red candle. It could have been the start of a brief correction period for DOGE that will lead to a small price drop.

More information will likely be available in the days ahead.

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