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

2024-6-14 20:00

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. 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. 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. 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.

The post Dogecoin (DOGE) Price Could Witness a Rally as Whales Accumulate   appeared first on BeInCrypto.

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dogecoin whales could doge price accumulate witness

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