Whales now acquire whopping 160m DOGE during dip in just about 24 hours during its price correction.
Dogecoin whales are actively purchasing the cryptocurrency, acquiring 160 million DOGE.
These large holders are capitalizing on the recent drop to buy the meme coin at a lower price.
The increased confidence in Dogecoin follows a significant price surge, with the token reaching a multi-year high of approximately $0.4316 on November 13 before experiencing a pullback.
As the price has declined, whale accumulation has intensified.
Market analyst Ali Martinez noted that wallets holding between 10 million and 100 million DOGE have collectively added 160 million DOGE, bringing their total holdings to nearly 19.91 billion DOGE.
The recent purchases, valued at $56 million, reflect a 23% discount compared to their worth just a couple of days ago, when they would have cost around $69 million.
Additionally, one whale sold off 10.6 million SPX tokens for a profit of $920,000 and used the $6.2 million from those sales to buy 13.95 million DOGE.
The positive sentiment surrounding Dogecoin suggests that investors expect further price increases.
Analysts believe the current price correction is healthy and could lead to significant future gains, as seen in previous bull cycles.
Predictions for Dogecoin’s price range from surpassing its all-time high of $0.7376 to targets of $1, $2.4, $10, and even $23.
As of now, Dogecoin is trading at $0.3783, and has seen substantial gains of 88% over the past week and 195% over the past month.
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Also Read: Analyst Is Optimistic In Potential Dogecoin Increase As Support Levels Now Rise
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