Whales Look Towards Dogecoin (DOGE) Amid a Bearish Crypto Market
The prices of the two crypto market leaders, Bitcoin and Ethereum, fell on Wednesday after the US Federal Reserve raised interest rates by 75 basis points due to inflation. Shortly, the rest of the crypto market followed suit. However, during the recent cryptocurrency sell-off, whales have been focusing on Dogecoin (DOGE) and the negative attitude in the industry.
Purchasing the Dip?
DOGE has lost around 9.94 percent of its value since its peak on September 12. Although it did show signs of bullishness on September 18, it was not enough to prevent the cryptocurrency from declining by 9.56 percent. That could mean that the whales are looking for an opportunity to accumulate their supply.
According to @bull_bnb, there was a 5.34 percent increase in the number of addresses that owned 100 million to 1 billion DOGE. The proportion of wallets holding between 100 million and one billion Dogecoin has increased by 5.13 percent during the past week for Dogecoin. The network now includes about six more whales, generating 620 million DOGE more.
In light of this, @bull_bnb recently tweeted, “I’m about to scoop a fresh brand new bag of #DOGE.” Investors and DOGE holders have been completely taken aback by recent whale behavior.
Dogecoin Bullish Behavior
The sudden bullishness of DOGE surprised many investors due to the decline in the cryptocurrency market. The sudden rise in DOGE’s price can be attributed to the whalers’ recent buying binge.
The cryptocurrency was trading at $0.066041 on Monday but is now trading at $0.0659, a 9% rise over the past day. The meme coin could be acting as a catalyst for the recovery in the cryptocurrency market. However, whether this is a short-term bullish trend or a continuation of the bull trend is unclear.
The resistance level of DOGE was tested at the 0% Fib level, and a red candle followed. That could start a short corrective phase for the cryptocurrency, which could cause a slight price decline.
Algorand Is Rising
Despite the selling pressure experienced by other assets, ALGO showed a significant gain. Over the past seven days, the price of ALGO has increased by more than 20%. That is attributed to the performance of the blockchain, which recorded up to 6,000 transaction processing units (TPUs). The amount is more than the 5,000 that Mastercard has.
Other cryptocurrencies are not able to match the performance of ALGO. For instance, Bitcoin lost some ground but still managed to maintain its value. Ethereum also experienced a drop of over 20% after it transitioned to a PoS protocol. At the time of writing, Ether is trading at around $1,344, a 4.8% rise from yesterday.
The performance of ALGO, when compared with the performance of Ethereum during the post-merge period, provides a stark contrast. While the former gained by 20%, ETH experienced a drop of 20% after the merge and is still trying to recover.
What’s With the Rest of the Market?
This week, several prominent cryptocurrencies experienced double-digit percentage losses. Among these is COSMOS, which dropped 15% to $13. Other notable losses included Ethereum Classic, which lost 15% to $28.74, and Near Protocol, which fell 10.7% to $3.84.
Despite the widespread losses, some altcoins managed to post double-digit gains. Some of these include ApeCoin, which has gained 16% to $5.62, Chiiz, which is up 22% to $0.2597, and Algorand, which has shot up 22% to $0.37 in the past week.
One of the biggest crypto gains has been XRP that has gone up 27% in just one week to reach around $0.47. That was largely due to news that the SEC and blockchain company, Ripple, have filed motions to dismiss the case against them.
