Since Wednesday, crypto whales have purchased about 1 billion Dogecoin (DOGE), suggesting that these investors could save the meme coin from a poor start to a historically bullish October. On Sunday, Dogecoin’s price was $0.13, but today, it is down to $0.10.

From the look of things, this substantial buy-in could provide DOGE with the support it needs to erase the recent losses. But is this accumulation enough to change the course for the meme coin?

Whales Buy the Dogecoin Dip, Investors HODL

According to Santiment, the number of coins owned by addresses holding 100 million to 1 billion DOGE was 29.88 billion on October 2.  As of this writing, that figure has increased to 30.88 billion. This means that crypto whales purchased 1 billion within the last two days.

At its current price, these coins are worth about $100 million. Typically, when whales purchase large amounts of coins like this, the cryptocurrency involved becomes more attractive to investors.

This encourages more market participants to buy and eventually drives prices higher. For DOGE, it appears that these whales are taking advantage of the recent discount and buying the dip.

If this trend continues, Dogecoin’s price could experience significant appreciation in the coming weeks. Additionally, the cryptocurrency’s Coin Holding Time has surged during the same period in which crypto whales increased their holdings.

Interestingly, Juan Pellicer, Senior Researcher at IntoTheBlock, also believes that the move could be vital to DOGE’s price rebound.

“This uptick in accumulation coincides with growing positive sentiment in the memecoin space, with notable figures like Arthur Hayes sharing their bullish outlook on memecoins. Also, the fact that whales are steadily increasing their holdings suggests growing trust in Dogecoin’s potential, which could be a sign of further price gains ahead,” Pellicer told BeInCrypto

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

Coins Holding Time refers to the duration a cryptocurrency is held without being sold or transacted. A decrease typically signals high selling pressure. However, in Dogecoin’s case, the holding time has jumped by 536% in the past seven days, suggesting that investors are HODLing and patiently awaiting potential gains.

DOGE Price Prediction: Breakout Incoming

On the daily chart, Dogecoin’s price is seeking to break out of the falling wedge. This technical pattern is formed by two descending trendlines. It is categorized as a bullish reversal because it appears when a cryptocurrency has made its final downward move, and buyers take advantage of sellers’ exhaustion.

With DOGE at $0.10, this move suggests that the coin might no longer experience a significant downturn in the short term. Also, the Relative Strength Index (RSI) measures momentum and gears up for a break above resistance.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

If validated, Dogecoin’s price could surpass the $0.11 overhead resistance and potentially climb to $0.17 within a few weeks. However, if it faces rejection at $0.11, this forecast may be invalidated, and Dogecoin could drop to $0.092.

Contrary to the anticipated “Uptober” rally, the cryptocurrency market has experienced a significant downturn, largely driven by geopolitical tensions in the Middle East. Major assets have seen their values decline, with some retesting multi-week lows.

Despite the market volatility, crypto whales have continued to accumulate certain tokens. Toncoin (TON), Ethereum (ETH), and Axie Infinity (AXS) have emerged as top choices for these large holders.

Toncoin (TON)

Telegram-linked Toncoin (TON) currently trades at $5.35, noting a 9% price decline over the past seven days. In fact, it plunged to a weekly low of $5.16 during the intraday trading session on Thursday. 

However, this has not deterred the whales from buying the altcoin, demonstrating their long-term confidence in its price growth. In the past seven days, TON’s large holders’ netflow — the difference between the coins whale addresses buy and sell over a specific period — has skyrocketed by 1698%.

Read more: What Are Telegram Bot Coins?

Large holders refer to whale addresses that hold over 0.1% of an asset’s circulating supply. When their netflow surges, it indicates an uptick in whale accumulation. 

Ethereum (ETH)

Leading altcoin, Ethereum (ETH), has seen its value dip by 10% in the past seven days. However, this decline has presented a buying opportunity as evidenced by its negative market value to realized value (MVRV) ratio, which measures the overall profitability of all its holders.

Read more: How to Invest in Ethereum ETFs?

As of this writing, the coin’s 30-day and 90-day MVRV ratios are -3.69% and -12.51%, respectively. Historically, negative MVRV ratios are a buy signal. They indicate that the asset trades below its historical acquisition cost, giving a chance for traders looking to buy the dip.

Ethereum whales holding between 10,000 and 10,000,000 ETH coins have done just this. Over the past week, this cohort of large investors have added 200,000 ETH valued at $476 million to their portfolio. 

Axie Infinity (AXS)

AXS, the native token of the leading play-to-earn platform Axie Infinity, has also attracted crypto whale attention this week. Despite a 14% drop in its price over the period, the number of whale transactions involving AXS has steadily increased. 

Read More: Axie Infinity (AXS) Explained for Beginners

On-chain data reveals a consistent rise in the daily count of AXS transactions exceeding $100,000 since September 30. A spike in large transactions may signal a shift in market sentiment. If large players are buying, it could suggest they expect future price appreciation.

Bitcoin (BTC) price faces uncertainty as market trends and macroeconomic factors clash. Strong job growth could prompt the Federal Reserve to cut interest rates, potentially benefiting Bitcoin by increasing liquidity.

However, recent exchange flows show a balance between outflows and inflows, signaling no clear price direction yet. BTC needs to break resistance around $63,000 to push higher, but if it falls below the $59,000 support, it risks a drop to $55,000 or lower.

Booming Job Market: A Mixed Blessing for BTC Future?

The strong job growth and market optimism are a double-edged sword for Bitcoin. On one hand, the positive economic outlook could reduce the urgency for investors to turn to riskier assets like BTC, as traditional stocks may offer safer returns in a stable environment.

Additionally, the potential for the Federal Reserve to cut interest rates less aggressively could strengthen the U.S. dollar, potentially decreasing BTC appeal as an inflation hedge.

On the flip side, if the economy continues to grow without overheating, it could increase overall investor confidence, prompting more speculative investments, which could benefit BTC. Furthermore, the possibility of a slower rate of interest cuts may keep liquidity high, which tends to benefit high-risk assets like Bitcoin.

In short, while a strong economy might curb some of Bitcoin’s safe-haven appeal, it could still attract investors looking for growth opportunities in a positive market environment.

Bitcoin’s Balancing Act: Indecisive Net Exchange Flows

In the past month, net outflows from exchanges have dominated Bitcoin’s movement, but the trend is not as clear-cut as it may initially seem.

On September 10, we saw the largest outflow, reaching a month-low of -16,000 BTC, which is typically a strong bullish signal as it indicates holders are moving a significant amount of Bitcoin off exchanges, reducing the supply available for selling. However, after that large outflow, the pattern has been less decisive.

Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

While negative flows continued, indicating more outflows than inflows overall, they haven’t been as extreme, and we’ve also seen several days with positive flows. These inflows suggest that some investors are still sending BTC to exchanges, possibly to sell, which adds to the market’s uncertainty.

This back-and-forth between outflows and inflows reflects a market without a dominant trend. While there is still a preference for holding overselling, it isn’t overwhelming enough to drive Bitcoin’s price strongly upward.

With inflows and outflows balancing each other more recently, BTC price trend remains indecisive, and the market could shift in either direction depending on how future inflows or outflows shape up.

BTC Price Prediction: A Potential 10% Jump Soon?

If the labor market continues to produce strong job numbers, as with the recent surge of 254,000 jobs in September, it could influence the Federal Reserve to cut interest rates further. A rate cut typically lowers borrowing costs and injects more liquidity into the economy, which can drive investors towards riskier assets like Bitcoin as they seek higher returns.

This scenario could positively impact BTC price by increasing demand, especially as lower interest rates make traditional investment avenues less attractive. If Bitcoin manages to break through its key resistances around $63,000 and $64,700, it could spark a rally toward $66,000 or higher as investors shift their focus to crypto.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

The In/Out of the Money Around Price (IOMAP) chart, which shows where BTC holders are “in the money” (profitable) or “out of the money” (at a loss), reveals significant support and resistance levels near the current price. However, if BTC price fails to hold its current support of around $59,000, it risks a sharper downside.

A break below this level could trigger a more substantial retracement, with BTC potentially falling to $55,000 or even $53,000, where the next significant support levels are found. This would likely encourage further selling pressure, especially from traders looking to cut their losses, pushing Bitcoin into a more bearish phase unless broader economic factors, like rate cuts, help revive the bullish momentum.