In recent days, Dogecoin whales have embarked on an accumulation spree, yet the cryptocurrency's price has not recovered from substantial weekly losses.
Current State of Dogecoin
Not long ago, Dogecoin's price stood above $0.4, but after the market-wide crash on Monday, it dropped to $0.2—a two-month low. Despite a slight recovery, the current price remains below $0.25, indicating a 25% decline over the past week.
Whales' Market Behavior
Despite declining prices, large Dogecoin holders are expanding their portfolios. During the recent crash, they purchased over 750 million DOGE, followed by an additional 100 million in subsequent days, signaling growing confidence.
Analytical Forecasts
Despite the lack of a price rebound, some analysts remain optimistic about a potential recovery. Trader Tardigrade noted the likeness of current price movements to 2017, suggesting a possible peak. KrissPax emphasized that significant price drops are typical in every market cycle, often followed by rebounds.
Although Dogecoin's price continues to decrease, the behavior of whales and analysts' optimism suggest a potential recovery and growth of the asset.
