Dogecoin (CRYPTO: DOGE) whales have been accumulating the cryptocurrency rapidly over the last two days, with their total holdings increasing by nearly 1 billion DOGE, according to data shared by cryptocurrency trader and analyst Ali Martinez.
This substantial upswing in Dogecoin purchases comes after Tesla (NASDAQ:TSLA) CEO Elon Musk made some interesting remarks regarding the potential future slump of cryptocurrency prices.
“The price of bitcoin, dogecoin & other major crypto will drop significantly (I hope not) over next 2 years if dollar inflation is fixed,” Musk recently hinted on social media.
no surprise! Large Cap Crypto enthusiasm is waning as smaller coins are quietly accumulating.
Tracking these large investors can be useful in identifying potential trends, especially when it comes to cryptocurrencies like dogecoin, which is heavily influenced by retail traders.
While the price of Dogecoin has dropped significantly from its all-time high, these large investors are accumulating more of the cryptocurrency, possibly anticipating a future rise in value.
Earlier this month, a Dogecoin whale was spotted adding 250 million tokens, worth around $20 million at the time, to their wallet.
These large investors may be betting on a future recovery in Dogecoin's price, which has been battered by the broader crypto market sell-off and Musk's recent comments on the potential for a two-year decline in cryptocurrency prices.
However, it's important to note that cryptocurrency markets are highly volatile and can be influenced by a wide range of factors, making it difficult to predict short-term price movements with certainty.
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