Whales have continued to accumulate Dogecoin despite the ongoing decline. The price of Dogecoin has declined by close to 18% from its peak three days ago, following several days of rallying.
The price reached a local top of around $0.43 four days ago as traders seemed to be taking profits. However, this action doesn’t seem to deter some big-money investors who are interested in the coin, as they believe the price is still going up.
Read Also: Solana (SOL) Eyes All-Time High: Is a $500 Price Target Within Reach?
#Dogecoin whales bought 140 million $DOGE in the past 24 hours, worth around $56 million! pic.twitter.com/ROFi7giNXy
— Ali (@ali_charts) November 15, 2024
This is evident from the recent whale activity around the meme coin. One of the most recent reports by Ali Charts indicated that whales have purchased 140 million Dogecoin in the past 24 hours despite the price decline. This amount is worth around $56 million.
This also serves as proof that they believe the ongoing price decline is only a temporary correction, as they expect the price to continue rising in the long term.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
