Dogecoin (DOGE) Price Consolidates Below $0.08 Territory
The memecoin sector has had a slow start in February 2024, with several coins experiencing losses. However, Dogecoin has shown resilience with less than a 2% downtrend. This could be due to strategic whale investors buying the dip.
Dogecoin Whales Invest $27 Million in Buying the Dip
Data trends suggest that whale investors holding large amounts of DOGE have been increasing their balances. They now hold a total of 45.09 billion DOGE coins, up from 44.75 billion DOGE in January.
This buying pressure from whales has helped Dogecoin maintain its price around the $0.08 area while other memecoins have suffered losses.
Dogecoin Whales Enter a 260 Million Buying Spree
During the crypto market downturn in January, Dogecoin experienced only a 6% deficit compared to other meme coins. This can be attributed to a group of strategic whale investors who went on a buying spree instead of joining the sell-off.
These whales have now acquired an additional 340 million DOGE, worth approximately $26.7 million, taking advantage of the market pullback.
Speculative Traders Lean Bullish on Dogecoin
Santiment’s funding rate trend shows that speculative traders are increasingly bullish on Dogecoin. The rising funding rates indicate that long position holders are paying higher fees in anticipation of higher profits when prices rise.
Dogecoin Price Forecast: Breaking Resistance at $0.085
The whales’ buying trend and rising funding rates suggest an imminent rebound phase for Dogecoin. This could potentially lead to a retest of the $0.1 area. However, there is a major resistance level at $0.085 that needs to be overcome.
A decisive breakout above $0.085 could pave the way for a bullish rally towards $0.10.
Hot Take: Dogecoin’s Resilience and Bullish Potential
Dogecoin has shown resilience in the face of market downturns, thanks to the buying pressure from whale investors. With their continued accumulation and the increasing bullish sentiment among speculative traders, Dogecoin could be poised for a rebound and a potential rally towards $0.10. However, breaking the resistance at $0.085 will be a crucial milestone to watch for.
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