This provides a positive development for Dogecoin, and the meme coin has already reacted positively, seeing how its price has recovered in the last 24 hours. Dogecoin Whales Accumulate More DOGE Data from the market intelligence platform IntoTheBlock shows that Dogecoin witnessed $1 billion in large transactions these past few days.
Pax also alluded to the growing altcoin dominance, which could usher in the altcoin season when coins like Dogecoin are expected to enjoy a massive rally. DOGE Will Still Reach As High As $2 In This Market Cycle Crypto analyst Crypto Kaleo recently provided a bullish narrative for Dogecoin, predicting that the foremost meme coin can rise to $1 and $2 in this bull run.
This wave of accumulation by Dogecoin whales is also significant as it could help spark a price recovery for Dogecoin, which had dropped to as low as $0.11 following the recent market decline. Besides this wave of accumulation, Dogecoin already looked poised to rebound to the upside as the market value to realized value (MVRV) ratio showed that the meme coin was greatly undervalued at its current price levels.
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