The well-known meme cryptocurrency, Dogecoin, has witnessed a mixed reaction from the market amid the turmoil. The upward rally of Dogecoin of around 150% which was originally led by Elon Musk's Twitter acquisition, has now entirely gone under the blanket as the collapse of FTX grabs the attention of investors.
It has been observed that, the breakdown of FTX has brought extreme fear for whale holders and investors because they were forced to book profits to avoid making any further losses. But, as per Coinpedia, the whales have again started accumulating DOGE with an optimistic hope depending on Elon Musk's further moves, which can soon lift the DOGE coin to new highs.
Amid the present market crash whale investors have woken up, this accelerated DOGE's price to its initial price level of $0.8. A few analysts see this price level as a great chance to make into action "buy the dip, sell the rip". As per IntoTheBlock, the large holders made an inflow of around 871M DOGE with a hope of a bull run in the coming days to increase the profits of their DOGE holdings.