Dogecoin (DOGE) On Top Of Whales Menu – Here's Why

There has been a massive sell-off in the cryptocurrency market, and during this period, whales have been focusing on Dogecoin (DOGE) and the general negative attitude in the cryptocurrency industry. There was a 5.34 percent increase in the number of addresses owning between 100 million and 1 billion DOGE, as revealed by @bull bnb.

Timeline of Dogecoin

According to a Tuesday report by The Block, London-based neobank Revolut is considering adding 29 new including Dogecoin, AVAX, Shiba Inu and Solana, through a new partnership with Apex Crypto for its U.S. clientele as the demand for cryptocurrencies picks up.

The number of whale addresses on the network of the meme-inspired cryptocurrency Dogecoin ($DOGE) has recently moved up by 5,13% after six new whales joined the investor class by scooping up 620 million tokens.

While several cryptocurrencies have lost value over the past few days, memecoin DOGE took a significant price jump. Even Dogecoin's (DOGE) rival SHIB has lost nearly 6% over the past one week.

Dogecoin price analysis for September 23, 2022, shows the meme cryptocurrency following a positive movement for the last 48 hours. The price spiked from $0.0568 to $0.0627 on September 22, 2021.

Five months ago, the top meme cryptocurrencies by market valuation were valued at $33.7 billion and today, the meme coin economy is 55% lower, down to $14.9 billion on September 23. During the last month, dogecoin lost 12.8% in value, and shiba inu is down 19.4% against the U.S. dollar in 30 days.

Dogecoin, recently, rolled out new collaborations, the where-in software giant BigCommerce partnered with BitPay & Coinpayments to accept DOGE along with other popular cryptos. The piece of news could have uplifted the price significantly, but the asset remained unaffected. Moreover, the possibility of the price declining below $0.058 is high.

Dogecoin (DOGE) price has finally taken a turn towards gains as the $0.06 support maintains its stance, but can a true reversal take place? The post Dogecoin Whales Scoop Up 620M DOGE in Anticipation of Price Breakout appeared first on BeInCrypto.

Financial guru and wealth management expert, Michael Gayed, was of the opinion that Dogecoin's [DOGE] current market is an obstacle to reviving the bull market. According to him, a $7 billion market cap for the meme cryptocurrency should not be existing in a bear market condition.

Dogecoin price analysis is bearish today as we have seen retest of previous support result in a reaction back to $0.06 resistance. However, DOGE/USD has already slowed down its advance, indicating that another lower local high will soon be set.

Despite the so-called crypto winter, digital currencies are seeing the most funds pouring in compared to other financial markets. Adoption and curiosity in this niche continue to rise. Interest in making money from crypto has also been gaining major attention.