The Dogecoin price suffered a notable crash along with the rest of the market after the Bitcoin price dropped to $60,000. This was brought about by the rising tensions in the Middle East as the fear of war wages on. While the decline in the DOGE price created panic among investors, bot everyone has succumbed to the fear. In particular, Dogecoin whales have seen this as an opportunity to load up their bags, buying over a billion coins in one day.
Dogecoin Whales Spend $108.7 Million
Earlier this week, the Dogecoin price suffered an almost 20% drop from above $0.12. This triggered a wave of sell pressure that continued to strengthen the bears. As a result, the DOGE price has remained down with no hint of a recovery from here. Naturally, this has sent shockwaves through the community as investors hold out for a recovery.
However, not all investors have remained panicked by the price crash. Rather, some Dogecoin investors have taken this as an opportunity to but more DOGE. Mainly, these large holders who are holding between 100 million and 1 billion DOGE have been the ones buying.
According to a post shared by crypto analyst Ali Martinez using data from Santiment, these whales with at least $10 million in holdings have bought over 1 billion coins. This works out to $108.7 million that the whales have spent buying Dogecoin in one day alone.
This suggests that the whales are not seeing this bearish trend continuing from here. Historically, October has been a bullish month for the crypto market, often fondly referred to as ‘Uptober’. So, investors continue to hold out hope that the market will recover.
October Starts Out On A Bad Note
Looking through the performances of Dogecoin in October in previous years, it is obvious to see why the month of October was expected to be bullish. However, this has not been the case, at least for the start of the month.
The Dogecoin price is already down 4.98% in October after rising 12.6% in September. Since the month is still early, it is possible that there is a turnaround in the DOGE price from here as the month plays out. However, if the bears continue to dominate, then the price could fall further.
The average Dogecoin returns for October is +7.36%, showing how bullish the month usually is. Moving toward the end of the year, it gets better, mainly toward December, which has average returns of 26.4% so far, CryptoRank data shows.
Featured image created with Dall.E, chart from Tradingview.com
