Elon Musk Reignites Dogecoin (DOGE) Discussions as Whales Accumulate, Price Swings

Dogecoin remains a hot topic as the crypto market never rests. Prices surge and tumble while governments and firms monitor developments.

Dogecoin had a rough week, losing 21% of its value and dropping from $0.3398 to a low of $0.2251. At one point this month, the meme coin reached a peak of $0.4335, but it has since lost ground and is now trading at $0.2598, down 2.50% over the past 24 hours.

However, analysis of the market reveals that large investors, commonly known as "whales," have been accumulating Dogecoin despite the price decline. According to crypto analyst Ali Martinez, these whales have acquired 750 million DOGE during this period.

Dogecoin experienced a significant 21% drop over the past week, declining from its monthly high of $0.4335. At the time of writing, the meme coin is trading at $0.2598. Despite the drop, large investors remained active, accumulating an impressive 750 million DOGE, indicating a strong belief in the asset's long-term potential.

The numbers speak for themselves, as major investors are still buying up Dogecoin despite its losses.

Looking ahead, the market is expected to remain volatile, with analysts predicting DOGE will be trading around $0.2375 by mid-February. The highest estimate is $0.2580, which would be a slight recovery from current levels but not a breakout. The community is hoping that if whales continue accumulating, sentiment will shift quickly.

Dogecoin is buzzing with Elon Musk's blockchain push, whale accumulation, and price movements keeping traders engaged. Will the U.S. Treasury adopt blockchain, and if so, will DOGE be a part of the mix?