Dogecoin (DOGE) Big Investors Go on a Buying Spree

According to leading crypto analyst Ali Martinez, despite the sharp decline in Dogecoin’s price by more than 70% in the past three months, one group of investors still seems optimistic and predicts that DOGE will bounce back soon.

In the past few months, the crypto market has faced selling pressure, resulting in a setback for several cryptocurrencies.

Among them is Dogecoin (DOGE), which has experienced a sharp decline of more than 70% since January.

However, despite this setback, one group of investors still seems optimistic and predicts that DOGE will bounce back soon.

Dogecoin (DOGE) Big Investors or whales seem to be betting on a potential breakout, according to leading crypto analyst Ali Martinez.

These large investors are continuing to accumulate more DOGE at lower prices,

According to the data from Santiment Feed, investors who own 1 million to 10 million are seen adding 110 million to their portfolio in the past week.

At current prices, this amount is valued at around $18.5 million.

This purchase follows the previous week’s huge accumulation of 1.4 billion at lower prices, which is valued at $224 million at current prices.

Earlier this month, these large investors were also seen buying 1.7 billion at lower prices.

In addition to showing that large investors are still optimistic about Dogecoin’s price rise, this accumulation is also a bullish indication, signaling increased demand in the market.

Meanwhile, whale buying isn’t the only positive signal seen in Dogecoin’s current on-chain data.

On Wednesday, March 19, crypto analyst Ali Martinez mentioned that the Dogecoin network is experiencing increased activity or “buzzing”. This statement refers to a recent spike in the number of active addresses on the Dogecoin network.

Data shows that the number of active addresses rose by more than 76%, from an average of 160,000 active addresses last week to 282,500 active addresses on Monday, March 17.

An increase in active addresses is usually considered a bullish signal, as it signals a growing interest in the network, potentially increasing demand for its native asset, DOGE.

Amid various positive signals from on-chain data, Martinez predicts that Dogecoin could potentially rebound and reach a new all-time high of $2. This prediction is based on the ascending channel pattern seen on the weekly candlestick chart.

However, for now, DOGE remains stagnant in line with the broader crypto market. Dogecoin’s price is currently at $0.1677, a slight decrease of 0.29% on the day.

This flat price movement is likely due to the wait-and-see attitude of traders awaiting the Federal Reserve’s interest rate decision, which is scheduled to be announced today.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.