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Dogecoin's (DOGE) price slipped by more than 8% in 24 hours, which many analysts labeled a healthy correction. Now, changing hands for $0.3722, DOGE whales saw a rare opportunity to buy more of the meme coin, and that is what they did. As spotted by top market analyst Ali Martinez, Dogecoin whales have stacked 140 million DOGE in 24 hours.
DOGE surge, fall and whale buy-up
Dogecoin is one of the best-performing assets on the market at the moment. Despite the massive daily price fall, Dogecoin has retained a more than 89% surge over the past week. By comparison, this is more than the 17% week-to-date (WTD) growth that the Bitcoin price has registered.
Yuri MolchanThe outlook for Dogecoin has continued to attract major capital into the meme coin, as many believed its rally is just starting. Per Ali Martinez's update, 140 million DOGE is worth $56 million, proving that despite a price slump, interest in the coin remains high.
The rationale hinges on the fact that after this sell-off round, the coin might pick up its bullish momentum again. The major catch, however, is where DOGE might hit the floor, considering it is struggling to flip the $0.36 price mark as support.
Impact of Bitcoin correlation
On several occasions during this current bull market cycle, the Dogecoin price decoupled from the price of Bitcoin to print impressive runs. Backed by DOGE whales, the price of DOGE has hinted to many investors what the meme coin can pull off on its own.
Godfrey BenjaminHowever, Bitcoin’s dominance and influence on the market remain very strong. As such, the digital currency needs to stick to its Bitcoin correlation script to print a sustainable growth trend in the future. In all, the broader market has a strong correlation that Dogecoin might benefit from in favor of whales that are still buying.
Yuri Molchan
Dan Burgin
Alex Dovbnya