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Dogecoin whale have ramped up their buying spree, signaling a potential price rebound amid a turbulent market. This renewed interest could mark the end of the recent downturn for the popular meme coin.
Market Turmoil Hits Dogecoin Hard
The cryptocurrency market faced significant uncertainty over the past week, fueled by the Federal Reserve’s decision to curb 2025 liquidity projections. Dogecoin (DOGE), one of the most affected assets, saw its price plunge by 34%. The coin dropped from a high of $0.39639 to a low of $0.26216, shaking investor confidence.
Related article: Dogecoin Liquidation Soars as Long Traders Face Big Losses
Despite the price drop, a group of high-profile investors demonstrated unwavering faith in DOGE. Crypto analyst Ali Martinez highlighted data from Santiment Feed, showing whales with holdings between 10,000,000 and 100,000,000 DOGE accumulated 270 million coins. At current prices, this haul is worth around $90.4 million, all collected in just four days.
Crypto whale activity often predicts significant market movements. In this case, the accumulation of DOGE hints at an imminent price bounce. Supporting this theory, Dogecoin’s price has already recovered 27% over the last two days, climbing from its recent low to $0.33317.
Analysts Foresee Dogecoin Rally
The recent whale purchases align with analysts’ optimistic outlook on DOGE’s future. Several experts, including Ali Martinez, suggest that Dogecoin may be poised for another major rally. Martinez compared the current situation to Dogecoin’s historical patterns in 2017 and 2021, where the coin experienced parabolic surges following corrections of about 50%.
Related article: Dogecoin Hits $0.30: Will it Rebound or Fall Further?
DOGE’s recent correction mirrored this trend, dropping approximately 46% after a 400% surge. Martinez predicts an upside target of $18 if DOGE repeats its past rallies. Offering a more conservative view, Elemento Cripto founder Javier Santini projected a price of $4.
The recent accumulation by Dogecoin whales provides a glimmer of hope for investors. While the crypto market remains volatile, the renewed interest from large investors indicates DOGE’s potential to stage a robust recovery.
The post Dogecoin Whale Activity Sparks Optimism for Price Recovery appeared first on FXcrypto News.
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