Dogecoin (DOGE) whales have made a significant return to the market, highlighted by a large on-chain acquisition. Top market analyst Ali Martinez, via a post on X, revealed that in the past 24 hours, these investors acquired a staggering one billion DOGE.
Whales Show Interest Amid Crypto Market Downturn
Despite the overall bearish trend in the cryptocurrency market, Dogecoin has drawn sustained attention from large-scale investors. The broader digital asset market has faced downward pressure since the start of October, primarily due to geopolitical tensions in the Middle East affecting global financial markets. However, DOGE whales have remained undeterred, seizing opportunities amidst market dips.
Related article: Dogecoin Whales Scoop Up 1.4 Billion Coins: Is a Bullish Breakout Ahead?
In October, Dogecoin’s price experienced a 5.89% drop. Despite this, the recent data shows the coin is beginning to recover. As of now, DOGE’s price has increased by 1.79% in the last 24 hours, reaching $0.1078. Analysts suggest that whale activity is driving this new bullish trend.
Whales Capitalize on Price Dip
According to Ali Martinez’s analysis, the total value of DOGE acquired by whales in the past day has reached $108 million. Large investors have taken advantage of recent price drops, viewing it as a prime opportunity to increase their holdings. Dogecoin whales have a history of exploiting these price dips, adding more coins to their portfolios.
Related article: Dogecoin Sees Major Whale Activity: Will DOGE Break Through Resistance?
During the latest market sell-off, DOGE hit a low of $0.08937. However, the coin’s quick recovery signals a potential for more ambitious growth. Dogecoin now has its sights set on a new target price of $0.20—a level not seen since April of this year.
If whales continue to support the coin, reaching this price target in the coming weeks seems possible. For now, DOGE’s price is outpacing key competitors like Shiba Inu, indicating a promising outlook.
