Whale DOGE Hibernates, Choose to Save Dogecoin This September

Bittime – This September, Dogecoin whales apparently chose to "hibernate" by holding their DOGE assets instead of carrying out significant trading activities. 

This phenomenon is in the spotlight among the crypto community, especially considering the volatility that often occurs in the Dogecoin market.

DOGE Whale Activity Declines

According to the latest data from Binance, the activity of Dogecoin whales shows a significant decline in large-scale transactions. 

These whales prefer to keep their DOGE, a strategy that reflects their belief in the long-term potential of this cryptocurrency.

Analysts argue that the whales' actions could be an indication that they predict a significant price increase in the future. 

By choosing not to sell DOGE now, they may hope to make bigger profits later.

Read Also: 7 Ways to Become a Successful Blockchain Developer, Accurate & Effective Tips!

Why do whales choose to hibernate?

There are several reasons why DOGE whales might choose to hibernate this September. 

One of them is the market situation which is still unstable, where DOGE prices experience quite sharp fluctuations. By holding DOGE, whales can avoid the risk of a significant price decline due to heavy selling pressure.

Apart from that, there is also speculation that whales are waiting for a positive catalyst, such as a big announcement or new adoption that could push DOGE prices up. 

They may see September as the perfect time to be patient and wait for better opportunities.

What Does This Mean for Retail Traders?

For retail traders, the steps taken by DOGE whales could be a signal to follow a similar strategy. 

By refraining from aggressive trading activities, retail traders can reduce the risk of losses amidst the current market uncertainty.

However, it is also important to remain alert to changes in market sentiment. If there are signs that whales are starting to become active again, this could be an indication of significant price movements. 

Therefore, monitoring DOGE whale movements regularly can be a wise strategy.

Conclusion

This September, DOGE whales seem to have chosen to hibernate by storing their Dogecoin assets. 

This move reflects their confidence in DOGE's long-term potential, even though the market is currently still full of uncertainty. 

For retail traders, following a similar strategy and staying alert to market movements could be the key to facing this month better.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.