He Dogecoin price suffered a notable drop along with the rest of the market after the price of Bitcoin fell to $60,000. This was sparked by rising tensions in the Middle East as fears of war continue. While the drop in DOGE price caused panic among investors, everyone has succumbed to fear. In particular, Dogecoin whales have seen this as an opportunity to fill their suitcases and buy over a billion coins in one day.
Dogecoin whales spend $108.7 million
Earlier this week, the Dogecoin price suffered a drop of almost 20% from more than $0.12. This triggered a wave of selling pressure that continued to strengthen the bears. As a result, the DOGE price has remained low and there is no sign of recovery from here. Naturally, this has sent shockwaves through the community as investors wait for a recovery.
However, not all investors have panicked over falling prices. Rather, some Dogecoin Investors I have taken this as an opportunity to get more DOGE. Mainly, these large holders who own between 100 million and 1 billion DOGE have been the ones who bought.
According to a publication shared According to crypto analyst Ali Martinez using data from Santiment, these whales with at least $10 million in holdings have purchased over a billion coins. This is equivalent to $108.7 million that whales have spent purchasing Dogecoin in a single day.
This suggests that the whales do not see this downtrend continuing from here. Historically, October has been a bullish month for the cryptocurrency market, often affectionately referred to as “Uptober.” Therefore, investors continue to hold out hope that the market will recover.
October starts on a bad note
Looking at Dogecoin’s October performance from previous years, it is obvious to see why the The month of October was expected to be bullish.. However, this has not been the case, at least since the beginning of the month.
Dogecoin price was already down 4.98% in October after rising 12.6% in September. Since the month is still early, there may be a change in DOGE price from here as the month progresses. However, if the bears continue to dominate, then the price could fall further.
Dogecoin’s average return for October is +7.36%, showing how bullish the month usually is. As we move towards the end of the year, things improve, mainly towards December, which has an average return of 26.4% so far, CryptoRank. data sample.
Featured image created with Dall.E, chart from Tradingview.com
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