Highlights:
- Whales accumulate over 100 million Dogecoin as the Elon Musk-inspired token records considerable declines in their market actions.
- Dogecoin is down by approximately 10% in its 24-hour-to-date price change variable.
- Despite the declines, DOGE remains a top performer with positive risk assessment showings.
After a few days of consistently taking traders on profitable escapades, the crypto market finally suffered a slight drop in momentum. Despite being one of the best-performing cryptocurrencies, while the bull run lasted, Dogecoin (DOGE) has dropped significantly in its 24-hour-to-date price change data.
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Bull market explained pic.twitter.com/tTrVh7G8bi
— Ash Crypto (@Ashcryptoreal) November 12, 2024
As expected, whales took advantage of the slight drop with massive token accumulations. In one of his most recent tweets, renowned market analyst Ali Martinez spotted the massive procurement and reported it on his verified X handle.
According to the market chartist, Dogecoin whales have spent roughly $56 million to accumulate 140 million DOGE. The significant purchase occurred within the past 24 hours, corroborating initial claims that traders are taking advantage of the slight market correction.
#Dogecoin whales bought 140 million $DOGE in the past 24 hours, worth around $56 million! pic.twitter.com/ROFi7giNXy
— Ali (@ali_charts) November 15, 2024
Dogecoin Record Marked Decline in its Short-Term Price Change Interval
At the time of writing, the crypto market has dropped by about 2.3% in the past 24 hours. The subtle decline resulted in the crypto market valuation dropping to about $3.085 trillion. Mirroring the market trend, Bitcoin (BTC) also plummeted minimally, with a 1.6% decline in its day-to-date price change data. Notedly, the flagship cryptocurrency boasts about $89,000 in selling price.
Contrary to the slight declines recorded above, DOGE witnessed a more marked price slump in its 24-hour-to-date price change statistics. According to CoinGecko, the Elon Musk-inspired token dropped by approximately 10% with about $0.36 in selling price.
While DOGE still maintains its position above XRP as the sixth most valuable cryptocurrency with roughly $53.14 billion market capitalization, chances abound that XRP will displace it soon. For context, XRP recorded a 22.9% surge in the past 24 hours, skyrocketing its market capitalization to about $50.05 billion.
DOGE Remains a Top Performer Despite its Recent Declines
On Coincodex, several indices highlighted Dogecoin’s remarkable showings despite its current declines. According to the crypto assets market tracker, volatility on the token has remained extremely high at about 41%. Additionally, sentiments on the token displayed bullishness, while its Fear and Greed Index was extreme greed at 80.
In its risk assessment analysis, Dogecoin’s statistics on Coincodex revealed that the token had minimal negative potential. Notedly, the price appreciated by 352% over a year interval. In addition, DOGE outperformed 82% of other best-performing cryptocurrencies, including Bitcoin and Ethereum.
Dogecoin is trading above its 200-day Simple Moving Average (SMA) and has displayed 20 green days in the last thirty days. Moreover, potential risks stem from DOGE’s overbought position, which invariably implies that it could plummet anytime soon. Additionally, it is highly volatile, with a 3.47% yearly inflation rate.
Dogecoin is on the Verge of Hitting $1
In its Dogecoin market analysis, Crypto2Community reported that Dogecoin still boasts potent possibilities of clinching $1 soon. Aside from projecting MilkybullCrypto shared X analysis, the news article spotlighted other factors that would undoubtedly catalyze DOGE’s $1 price drive.
For context, MilkybullCrypto projection mirrored Dogecoin’s progress based on key Fibonacci extension levels. Meanwhile, other highlighted price surge contributory factors include DOGE Exchange Traded Funds (ETFs) approval, a favorable US government administration, and global DOGE utilization.
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