The post Dogecoin (DOGE) Price Targets $0.1 as Whales Invest $1.7 billion appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE) price reached a three-month peak of $0.076 on Wednesday, bringing its 30-day gains to the 23% mark. On-chain analysis examines how the growing market demand could shape DOGE price action in the days ahead.  Dogecoin price has emerged as one of the top performing assets in the meme coin market this week, leading the likes of PEPE and Shiba Inu (SHIB) on the biggest gainers’ chart. Can the bulls extend the rally toward the elusive $0.1 territory?  Dogecoin DOGE Price Whale Invest $2 Billion in Last 30 Days Dogecoin has benefitted immensely as crypto whale investors switched attention to the meme coin markets in recent weeks. According to data from IntoTheBlock, coins in custody of whales holding at least $100,000 worth of DOGE have increased from $7.65 billion to $9.35 billion between Oct. 8 and now. This implies that the crypto whales have increased their investment by $1.7 billion over the past month.  Dogecoin (DOGE) Whales Balances. Source: IntoTheBlock The whale balances chart tracks real-time changes in the number of coins large investors hold. The blue trend line above illustrates how the whales increased their holding by $1.7 billion within the past month.  Typically, such a significant increase in whales’ holdings is a clear indication of the large institutional investors’ confidence in DOGE price prospects.  Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know Retail Market Participants Have Also Started Buying  In addition to the growing whale demand, Dogecoin retail market buy orders have now surpassed supply in the spot markets. The aggregate order books data from 10 crypto exchanges, including Binance and Coinbase, the bulls have placed active orders to buy 872,000 DOGE around the current prices. Meanwhile, the traders have only placed a total of 810 million DOGE up for sale. Dogecoin…

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Filed under: News - @ November 9, 2023 5:20 am