Dogecoin took a tumble recently, joining the rest of the crypto market in a downward spiral after Bitcoin dipped below $60,000. This was fueled by rising tensions in the Middle East, with the threat of war looming. While many investors panicked, some saw this as a golden opportunity.
Whales Go Shopping
Big-time Dogecoin investors, known as whales, saw the dip as a chance to buy low. These whales, holding between 100 million and 1 billion DOGE coins, spent a whopping $108.7 million in a single day, snapping up over a billion coins. This suggests they believe the current bearish trend won’t last.
October’s Unexpected Dip
Historically, October has been a good month for crypto, often referred to as “Uptober.” However, this year, October started off on a sour note. Dogecoin is already down almost 5% this month, after a 12.6% rise in September.
While it’s still early in the month, a turnaround is possible. But if the bears keep pushing, Dogecoin could fall further.
Looking Ahead
Despite the recent dip, Dogecoin has historically performed well in October, with an average return of 7.36%. And as we approach the end of the year, things tend to get even better, especially in December, which has an average return of 26.4%.
So, while the current market is a bit shaky, there’s still hope for a rebound. It’s a good time to keep an eye on Dogecoin and see what happens next.
