Dogecoin Whales Keep Buying but DOGE Price Keeps Dropping
TL:DR;
- Dogecoin whales have gone on a real accumulation streak in the past few days, but the assets price has yet to recover from the substantial losses charted on a weekly scale.
- Nevertheless, analysts remain bullish, predicting that DOGE has hit its low during this cycle and will bounce off soon.
It wasnt all that long ago when DOGEs price stood well above $0.4. In fact, the last time the OG meme coin traded above that threshold was on January 21, when it briefly spiked above it.
However, its downfall began immediately, and it has not touched that line ever since. The most substantial slump came during Monday mornings market-wide crash when all crypto assets bled out, and DOGE was among the poorest performers with a price dump to $0.2 (a two-month low).
The market started its recovery shortly after, and Dogecoin even neared $0.3 on Tuesday but was quickly rejected and is down to under $0.25 as of now. This represents a 25% decline on a weekly scale.
This substantial correction comes despite Dogecoin whales behavior, which has been quite bullish. As reported on Thursday, these large market participants had accumulated over 750 million DOGE during the crash.
They kept buying in the following days and added another 100 million within a 24-hour period, thus further reducing the available supply.
Whales have accumulated another 100 million #Dogecoin $DOGE in the last 24 hours, signaling growing confidence and demand! pic.twitter.com/HKuseWubtN
Ali (@ali_charts) February 7, 2025
None of those purchases have materialized in a price rebound yet. However, this hasnt deterred certain analysts from predicting a strong recovery, given DOGEs historical performance.
Trader Tardigrade said the meme coin had copied its 2017 price movements, and it seems to have bottomed out, which could propel it toward a new all-time high soon.
KrissPax acknowledged the substantial correction but said such moves occur every cycle and are to be expected. He noted that they tend to shake out weak hands but are actually excellent times to buy more on dips and prepare for whats coming.
Big pullbacks in the Dogecoin price happen EVERY cycle. They shake out weak hands and completely sour market sentiment. Strong rebounds follow in overall bull markets. These pullbacks are excellent times to buy more on dips and prepare for whats coming. $DOGE pic.twitter.com/xHywN9RWDa
KrissPax (@krisspax) February 7, 2025
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