Dogecoin (DOGE) Price Could Witness a Rally as Whales Accumulate
In Brief
- Dogecoin’s price has been observed to decline for the past few days, falling below $0.15.
- Whale addresses have over 900 million DOGE worth $129 million in the past week.
- The MVRV ratio is also in the opportunity zone, synonymous with recoveries.
Dogecoin (DOGE) is looking to recover some of the losses the investors witnessed over the last few days.
The whales could likely be driving the rally owing to their accumulation, motivating retail investors to do the same.
Dogecoin Whales Are a Step Ahead
Dogecoin’s price could likely witness the impact of whale investors’ recent move. The addresses holding between 10 million and 100 million DOGE have added a little over 900 million DOGE in the span of a week.
This $129 million worth of supply has brought up their supply to 18.09 billion DOGE. Given right after their accumulation, the price dropped down this week, there are two likely outcomes. Either the whales are preempting the rally, or they are facing losses.
This is clarified by the Market Value to Realized Value (MVRV) ratio, which actually favors the whales. The MVRV ratio measures investor gains and losses. Dogecoin’s 30-day MVRV of -7.4% indicates profitability, potentially leading to accumulation.
Historically, DOGE tends to recover as MVRV between -5% and -13% often precedes rallies. This results in this area being identified as an accumulation opportunity zone.
Thus, Dogecoin’s price has a good shot at recovery, making whales’ moves potentially profitable.
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