Accumulation Strategy by CleanCore for Dogecoin: Gathering 1 Billion DOGE in a month's time
In the world of cryptocurrencies, Dogecoin [DOGE] is making waves as CleanCore Technologies continues its strategic accumulation of the popular meme coin. This move could potentially reinforce the Q4 upside base for Dogecoin, according to analysts.
CleanCore Technologies, a company with a long-term goal of capturing 7.5 billion Dogecoins, recently added 100 million DOGE to its treasury, bringing its total holdings to 600 million DOGE. The company aims to accumulate another 1 billion DOGE in the next 30 days, a target that, if achieved, would bring it 400 million DOGE shy of its goal.
CleanCore's Dogecoin play, initiated after its launch on the 5th of September, has already provided structural support, ripping +50% off the $0.20 base. This accumulation could potentially provide further structural support for Dogecoin, reinforcing the Q4 upside base.
However, not everyone is bullish on Dogecoin's Q4 prospects. Bears are anticipating a July-style flush, predicting a potential -30% decline in Dogecoin's value during the quarter. This sentiment is partly due to the current drawdown in Dogecoin, which mirrors its -13% pullback from the $0.30 local top, suggesting both charts could be building a base structure.
The market's sentiment towards Dogecoin is cautious but leaning bullish. The recent surge in realized profits to a yearly high of $1.15 billion, despite indicating elevated distribution flow, suggests that some investors are cashing out their gains.
Binance shows 70%+ long skew on DOGE/USDT perps, indicating stretched positioning among long-term holders. This could potentially trap late longs in Dogecoin, putting the $0.26 bid wall at risk of breaking down.
Elsewhere, the U.S. CBDC ban is moving forward amid GOP-Democrat tensions, and insights from the recent UK-U.S. crypto pact meeting are currently being analyzed. The Federal Open Market Committee (FOMC) risk event ahead could potentially impact Dogecoin's Q4 performance.
In a broader context, Dogecoin is shifting towards a store-of-value narrative, with CleanCore Technologies' acquisition serving as a catalyst for increased market attention on Dogecoin, potentially supporting price stability or growth in the fourth quarter. The Dogecoin market is being closely monitored for potential movements based on CleanCore Technologies' actions.
In conclusion, while the Q4 outlook for Dogecoin remains uncertain, CleanCore Technologies' strategic accumulation and the potential structural support it could provide could help reinforce the Q4 upside base. However, the bears' anticipation of a July-style flush and the potential impact of the FOMC risk event and other market developments should not be overlooked.
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