Dogecoin price is at the mercy of massive market momentum and DOGE whales who continue to push for profits.
It’s been more than 10 days since the collapse of FTX brought down the global crypto market. Dogecoin (DOGE) price is still stuck in a lower price range as most altcoins try to recover from heavy losses.
While DOGE whales continue to hoard Dogecoin with the aim of increasing the value, there is only so much momentum a whale can make. So, what should DOGE holders expect from the price action going forward?
dogecoin whales gather
Dogecoin price surged to multi-month highs amid retail euphoria stemming from Elon Musk’s acquisition of Twitter. However, the gains were short-lived, and DOGE’s price dropped sharply by almost 50% in the following week following the collapse of FTX.
It is no exaggeration to say that the DOGE price has been a rollercoaster ride for traders and investors, but the whales remain unaffected.
Data from Sentiment shows that the top three Dogecoin whale cohorts have begun accumulating DOGE despite the bearish price action.
Dogecoin addresses with 10 million to 10 million coins have their balances increased from 9.26 billion DOGE to 9.99 billion DOGE since October 2. Addresses with 10,000 to 100,000 coins filled their bags from 4.76 billion to nearly 5 billion, as of press time.
On the other hand, addresses with 100,000 to 1 million addresses also increased their holdings from 7.72 billion to 7.99 billion in the same time period.
Dogecoin Price Action Still Retail Driven
Even though DOGE whales have been quite active, the price action was largely retail-driven. The same can be seen in the sheer volume of merchant addresses. IntoTheBlock data suggested that merchant addresses increased by 71.65% in 30 days.
Holders did not register any major growth, while cruiser addresses were down by a whopping 12%.
The sentiment remains bearish with the broader market tone still remaining negative while the trading volume is steady.
That said, the negative short-term and long-term MVRV showed that losses were realized by holders, and that the near-term price bounce could lead to profit-taking.
At press time, the price of DOGE was trading at $0.08553, up only 0.85% on the daily chart. However, going forward, the DOGE price will need more than just retail and whale support.
If DOGE bulls are able to push the price towards gains, Dogecoin could see some bullish action towards the $0.10 mark. But, with the technical data looking bearish, DOGE could continue with the range-bound momentum or drop as low as $0.080, which could act as a support for the meme coin.
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