Two cryptocurrency market leaders, Bitcoin and Ethereum, are priced at fell On Wednesday after the US Federal Reserve hiked interest rates by 75 basis points due to inflation. However, during the recent crypto crash, whales are eyeing Dogecoin (DOGE) and the industry’s negative attitude.
Buy a dip?
Doge It has lost about 9.94 percent of its value since its peak on Sept. 12. Although it showed bullish signs on Sept. 18, it wasn’t enough to prevent the cryptocurrency from falling 9.56 percent. This could mean that whales are looking for opportunities to accumulate supplies.
according to @bull_bnb, the number of addresses with 100 million to 1 billion DOGE increased by 5.34%. The percentage of wallets holding between 100 million and 1 billion Dogecoin has increased by 5.13% over the past week for Dogecoin. The network currently contains about 6 whales and produces an additional 620 million DOGE.
In light of this, recently @bull_bnb murmured“I’m about to scoop up a fresh brand new bag for #DOGE.”
dogecoin bull action
DOGE’s sudden bullishness took many investors by surprise as the cryptocurrency market fell. The surge in DOGE prices may be due to recent large purchases by whalers.
The cryptocurrency was trading at $0.066041 on Monday and is now trading at $0.0659, up 9% from the previous day. Memecoin may be acting as a catalyst for a recovery in the cryptocurrency market.
DOGE’s tolerance level was tested at the 0% Fib level, followed by a red candle. This could start a temporary correction phase for the cryptocurrency, which could lead to a slight drop in price.
Rise of Algorand
Despite the selling pressure experienced by other assets, ALGO showed significant gains. Over the past 7 days, ALGO’s price has increased by more than 20% over his. This is due to the blockchain performance which recorded up to 6,000 Transaction Processing Units (TPU). That amount exceeds his 5,000 that Mastercard has.
No other cryptocurrency can match ALGO’s performance. Bitcoin, for example, lost some ground but still managed to maintain its value. Ethereum also experienced a drop of more than 20% after moving to the PoS protocol.At the time of writing, Ether is transaction That’s about $1,344, up 4.8% from yesterday.
ALGO’s performance is in stark contrast when compared to Ethereum’s performance during the post-merge period. The former he rose 20%, while ETH fell 20% after the merger and is still trying to recover.
What about the rest of the market?
Several prominent cryptocurrencies posted double-digit loss rates this week. Among them is COSMOS, which dropped 15% to $13. Other notable losses included Ethereum Classic, down 15% to $28.74, and Near Protocol, down 10.7% to $3.84.
Despite widespread losses, some altcoins managed to record double-digit profits. Among them are ApeCoin, up 16% to $5.62, Chiiz, up 22% to $0.2597, and Algorand, up 22% to $0.37 last week.
One of the biggest cryptocurrency gains is XRP. Up It climbed 27% in just one week, reaching around $0.47. This is largely due to news that the SEC and blockchain firm Ripple have filed motions to dismiss the lawsuit against them.
https://crypto.news/whales-look-towards-dogecoin-doge-amid-a-bearish-crypto-market/ Whales Eye on Dogecoin (DOGE) Amid Bearish Crypto Market – crypto.news