There was a big sell-off in the cryptocurrency market, during which whales focused on Dogecoin (DOGE) and the overall negative outlook in the cryptocurrency industry.
As reported by @bullbnb, the number of addresses between 100 million and 1 billion DOGE increased by 5.34%.
For Dogecoin, the percentage of wallets with 100 million to one billion Dogecoin grew by 5.13% last week. About six more whales joined the network, which brought in an additional 620 million DOGE.
Dogecoin | 100M – the number of addresses that hold 1B $DOGE It increased by 5.13% last week. About 6 new whales have joined the network, raising about 620M DOGE.
With this in mind, I will take a new bag #DOGE pic.twitter.com/0TaysaPIog– Bull.BnB (@bull_bnb) September 23, 2022
In light of this, @bull bnb recently tweeted: “Going to pick up a brand new #DOGE bag.
Recent whaling activity has come as a big surprise to DOGE owners and investors. So what compelled whales to seek DOGE?
Is it time to buy the bait?
As you know, the current market situation is extremely negative for cryptocurrencies. Fears caused by the release of the CPI report and an interest rate hike by the US Federal Reserve led to a massive sell-off in the stock and cryptocurrency markets.
The US dollar followed this decline. At the time of publication, memecoin was down 9.94 percent from its September 12 high. DOGE showed signs of bullishness, but it was not enough to prevent a 9.56 percent decline on September 18.
This decline may have prompted whalers to stockpile rather than sell their DOGE supply. Now that whale activity has increased, what does this mean for DOGE?
Dogecoin Bullish behavior
Doge’s bullishness has been a surprise as the cryptocurrency market has been in decline, particularly Bitcoin and Ethereum.
This price increase may be due to the recent increase in the volume of purchases made by whalers in the DOGE. As at the time of writing, DOGE was trading at $0.066041, up 9.4% over the past seven days, Coingecko data shows.
This indicates that memecoin is leading the crypto market, which is on the horizon for the entire crypto market. But investors and traders should question whether this is in fact a blip or a continuing bull trend.
As of writing, the token’s resistance level has been tested at the 0% Fib level. This was rejected for a long time, then returned with a red candle. This may be the beginning of a short-term adjustment period for DOGE, which will result in a slight price drop.
In the coming days, we can assume that we will receive more information.
DOGE total market cap at $8.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptory, Chart: TradingView.com