240,000,000 DOGE in a Week: Where Is Dogecoin Headed Next?
TL;DR
Dogecoin's value has dropped 9% in the past week, currently at $0.08. Despite this, large investors have accumulated over 240 million DOGE, indicating potential for a rebound.
Key points
- Dogecoin's valuation down 9% in a week
- Currently trading at approximately $0.08
- Whales accumulated over 240 million DOGE
- Accumulated DOGE valued at nearly $20 million
- Large holders control 12% of circulating supply
Mentioned in this story
Ali Martinez
Dogecoin
The OG meme coin has performed poorly over the past seven days, with its valuation down 9% and currently trading at approximately $0.08. However, whales have used this as an opportunity to buy at lower price levels, potentially setting the stage for a rebound.
Analysts believe DOGE may have reached a critical turning point, with some expecting a major rally ahead.
Plenty of Bullish Factors
The popular X user Ali Martinez revealed that large investors have accumulated more than 240 million DOGE over the past week. The USD valuation of the stash is almost $20 million, and these market participants now control nearly 19 billion units, or 12% of Dogecoin’s circulating supply.
“Large holders continue buying the dip, suggesting confidence may be building ahead of the next potential rebound,” Martinez said.
The whales’ activity is only one of the elements signaling that DOGE could be gearing up for a move north. The asset’s Relative Strength Index (RSI) has fallen to the extreme oversold territory of 9. The technical analysis tool runs from 0 to 100, where anything below 30 is considered a buying opportunity, while ratios above 70 are typically viewed as warnings for an impending correction.
DOGE RSI, Source: RSI Hunter
Dogecoin’s exchange netflow should also be mentioned. Over the last few weeks, outflows have significantly outpaced inflows, suggesting that investors have shifted from centralized platforms toward self-custody, thereby reducing immediate selling pressure.
Q&A
What caused the 9% drop in Dogecoin's value this week?
The drop in Dogecoin's value is attributed to overall market trends affecting cryptocurrencies, leading to a decline in its valuation.
How much Dogecoin have large investors accumulated recently?
Large investors have accumulated over 240 million DOGE in the past week, valued at nearly $20 million.
What percentage of Dogecoin's circulating supply do large holders control?
Large holders now control approximately 12% of Dogecoin’s circulating supply, totaling nearly 19 billion units.
