According to U.Today, Dogecoin is showing signs of recovery after a week of declining performance among the top altcoins. Dogecoin's trading volume has increased by more than 58% in the last 24 hours, reaching $600,461,241, indicating a possible recovery.
Over the weekend, Dogecoin whales, or large holders, significantly impacted the market by acquiring a total of 6.4 billion DOGE overnight. According to data from crypto analytics platform IntoTheBlock, Dogecoin whale transactions have risen from a low of 5.37 billion DOGE over the past seven days to around 11.74 billion DOGE before levelling off at the current value. These transactions relate to Dogecoin accumulations worth at least 100,000 dollars. This accumulation by whales is often seen as a sign of confidence that a price recovery could be imminent. The current trend in Dogecoin suggests that such a rally could be imminent.
Despite the recent downtrend, which has seen the price drop 1.59% to $0.134 in 24 hours and fall 7.12% in the past week, continued accumulation by whales could potentially trigger a change in attitude. This could lead to a tightening of Dogecoin supply and potentially trigger a price increase.
However, Dogecoin's influence on the market is gradually waning, despite its market capitalization of $19,464,473,979. Rather than fueling a market decline, it is more susceptible to being influenced by the general development of the ecosystem. This could be a positive development as its correlation with Bitcoin could pay off if inflows from the Bitcoin ETF help the top coin regain its all-time high (ATH). Meanwhile, Dogecoin developer Mishaboar has warned the community of the risks associated with pursuing alternatives without proper risk assessment.
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