Bitrabo Editorial
The Dogecoin market experienced a significant downturn, mirroring the broader cryptocurrency landscape when Bitcoin price dipped to $60,000. This market dip has been linked to escalating conflicts in the Middle East, raising concerns over potential warfare. While many investors have reacted with anxiety, some have not, particularly the larger Dogecoin holders, who see this as an opportunity and have collectively acquired over a billion coins in a single day.
Investment Surge from Dogecoin Whales Totals $108.7 Million
Recently, Dogecoin’s value dropped nearly 20%, falling below $0.12, which intensified selling pressure and strengthened bearish sentiment. Consequently, DOGE has struggled to recover, leaving investors anxious about the future.
Contrary to widespread panic, certain Dogecoin investors opted to increase their holdings. Specifically, larger investors holding between 100 million to 1 billion DOGE were notable buyers during this slump.
As reported by cryptocurrency analyst Ali Martinez, utilizing data from Santiment, these significant holders with at least $10 million invested have purchased over a billion Dogecoin. This translates to a substantial $108.7 million spent by these whales in just one day.
Such activity indicates that these whales do not anticipate the bearish trend to persist. Traditionally, October has been favorable for cryptocurrency, often referred to as ‘Uptober’, leading to continued optimism for a market recovery.
A Rough Start for October
When examining Dogecoin’s performance in October across past years, it’s clear why many anticipated a bullish October. However, the month has not begun positively.
As of now, Dogecoin has dropped 4.98% this October, following a 12.6% increase in September. Given that the month has just begun, there remains potential for a recovery in DOGE’s value as more days unfold. Nevertheless, if bearish momentum continues, further declines remain a possibility.
Historically, the average gains for Dogecoin in October sit at +7.36%, highlighting the month’s typically positive sentiment. Looking forward, December tends to yield even better returns, averaging around 26.4% as per the data from CryptoRank research.