Dogecoin (DOGE) is looking to recover some of the losses investors have seen over the past few days.
Whales are driving the rally due to their accumulated volume, and may motivate individual investors to do the same.
Dogecoin whales are one step ahead
The price of Dogecoin could witness the impact of recent moves by whale investors. Addresses holding between 10 and 100 million Dogecoins added just over 900 million Dogecoins over the course of the week.
This $129 million worth of supply increases their supply to 18.09 billion DOGE. Given the circumstances immediately after the price drop this week, there are two possibilities. Either the whales have preempted the rally or they are facing losses.
This can be clearly seen in the Market Value to Realized Value (MVRV) ratio, which is actually in favor of the whales. The MVRV ratio measures an investor's profits and losses. Dogecoin's 30-day MVRV of -7.4% suggests low profitability, which could potentially lead to accumulation.
Historically, Dogecoin has tended to recover, with MVRVs between -5% and -13% often preceding rallies. Therefore, this section is identified as an accumulation opportunity section.
Read more: Dogecoin (DOGE) vs Shibainu (SHIB ): What's the difference?
Therefore, the price of Dogecoin is likely to recover, and the whale's movements are potentially profitable.
Dogecoin Price Prediction: Recovery Outlook
Dogecoin's price could begin to recover in the coming days if it can secure $0.15 as support again. Meme Coin passed this level after failing to close above $0.16 again this week.
If DOGE successfully closes above $0.15, whale accumulation could lead to a jump to $0.17. As a result, losses observed since the end of May will be recovered.
Read More: Dogecoin (DOGE) Price Prediction 2024/2025/2030
However, if Dogecoin's price fails to recover the support level of $0.15 and falls to $0.14, the bullish logic will be invalidated. As a result, Meme Coin may fall as low as $0.12.
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