The OG meme cryptocurrency Dogecoin (DOGE) has collapsed throughout the month. DOGE saw a 20.51% decline over the past 30 days. At press time, the asset was trading at $0.1042 with a 24-hour decrease of nearly 3%.
Investors weren’t too hopeful about the meme coin, either. Coinglass data reported that there were more longs than shorts, suggesting that investors were more bearish than bullish about DOGE.
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Dogecoin’s Market Performance and Future Predictions
It appears that some investors were pleased with this decline. Santiment data showed that whales that possess Dogecoin had boosted their holdings of DOGE. According to the data, the biggest Dogecoin holders made a considerable accumulation after the August 5 downfall.
Whale Accumulation
The proportion of DOGE owned by these big wallets peaked on August 7. Furthermore, this indicates a calculated action to take advantage of the declining prices of the meme coin.
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Can Dogecoin Have A Bullish September 2024?
Dogecoin will dismiss its bearish notion throughout the coming month. The asset will see a slight increase in the next couple of days. In fact, the meme coin will end the month of August at a high of $0.108930. But following a slight correction, the cryptocurrency will trade around $.0.107004 on September 1, 2024.
Considering this dainty rise, DOGE is still far from its all-time high of $0.7376, which was attained about three years ago in 2021.
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To be precise the OG meme cryptocurrency is 85% below this peak. While September seems slightly bullish, Dogecoin has quite some work to do before climbing to the top.