Bitcoin (BTC) is trading at $66,700 and hit a low of $66,200 today. Losses have continued since Friday. Although we saw some recovery before the Fed meeting, it was not permanent. What is the latest situation with Dogecoin? Will investors finally breathe a sigh of relief?
Dogecoin (DOGE) Whales
The oldest meme coin, DOGE, has seen countless competitors over the years. Only Shiba Coin managed to surpass it in market value ranking. Some competitors have become history, while others have survived longer by being listed on the Binance exchange. The recent death of its mascot also shows how old and established Dogecoin is.
What does all this have to do with our topic? There are many meme coins, but DOGE alone has large whales that are likely to remain loyal for a longer period. Addresses holding between 10 million and 100 million DOGE accumulated 900 million DOGE in just one week for this reason.
Their supply of $130 million climbed to 18.09 billion Dogecoin. Although DOGE fell after their purchase, this group is known to focus on long-term goals. So, where is the price headed? Despite the general market decline, the 30-day DOGE MVRV ratio fell to -7.4%. This indicates a buy signal for the popular meme coin between -5% and -13%, boosting bullish motivation.
DOGE Price Prediction
So, how much could DOGE be worth in the short term, enticing bulls with whale accumulation and MVRV signals? DOGE bulls are currently struggling to maintain $0.15 as support. The price has fallen to $0.1415. If the key support can be maintained as a base, a new move to $0.16 and $0.17 could begin.
However, if the support level cannot be reclaimed, gradual declines to $0.12 or even $0.08 would not be surprising in an environment where whales also support selling. Although DOGE is an established altcoin, long-term investors will look for opportunities to reduce costs at lower levels.
