Whales looking to invest in Dogecoin (DOGE) during the bearish crypto market
Bitcoin and Ethereum prices plummeted on Wednesday as the US Federal Reserve boosted interest rates by 75 basis points owing to inflation. The rest of the crypto market quickly followed suit. During the recent cryptocurrency sell-off, however, whales have focused on Dogecoin (DOGE) and the industry's unfavorable attitude.
Buying the Dip?
DOGE has lost around 9.94 percent of its value from its peak on September 12. Although it showed hints of resilience on September 18, it was not enough to keep the cryptocurrency from falling by 9.56 percent. That could imply that the whales are looking for a way to grow their supply.
According to @bull bnb, there was a 5.34 percent increase in the number of addresses that possessed 100 million to 1 billion DOGE. The proportion of wallets holding between 100 million and one billion Dogecoin has climbed by 5.13 percent in the last week for Dogecoin. The network currently has around six more whales, yielding an additional 620 million DOGE.
In light of this, @bull bnb recently tweeted, "I'm about to scoop a fresh brand new bag of #DOGE." Recent whale behavior has taken investors and DOGE holders by surprise.
Bullish behavior in Dogecoin
Due to the downturn in the cryptocurrency market, the sudden bullishness of DOGE startled many investors. The recent buying spree by whalers can be ascribed to the unexpected surge in DOGE's price.
The meme coin could be a spark for the Bitcoin market's comeback. However, whether this is a short-term bullish trend or a continuation of the bull trend is unknown.
DOGE's resistance level was tested at the 0% Fib level, and a red candle followed. This could trigger a brief corrective phase for the cryptocurrency, resulting in a minor price decrease.
What About the Rest of the Market?
Several notable cryptocurrencies witnessed double-digit percentage losses this week. COSMOS is one of these, with a 15% reduction to R233. Other big losses were Ethereum Classic, which plunged 15% to R515, and Near Protocol, which sank 10.7% to R68.8.
Despite widespread losses, some altcoins managed to register double-digit gains. ApeCoin is up 16% to R90, Chiiz is up 22% to R4,66, and Algorand is up 22% to R6.63 in the last week.
One of the most significant crypto increases has been XRP, which has risen 27% in a week to roughly R8.43. This was largely due to reports that the SEC and blockchain company Ripple had filed applications to drop the case against them.
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