700 Million Dogecoin (DOGE) in 72 Hours, Whales Finally Awake
Release: 2024/05/31 18:34 Reading: 236
Cover image via U.Today
As the broader crypto market experienced a slight overnight dip, Dogecoin (DOGE) holders seized the opportunity to invest in the meme coin at a reduced price. According to renowned market analyst Ali Martinez, approximately 700 million DOGE were accumulated by whales over the past 72 hours.
Dogecoin whales accumulate over 700 million $DOGE
Dogecoin's recent performance has been somewhat volatile. After a significant rise of 12.63% within the past month, its value has retraced slightly over the past week, showing a modest 1.32% increase. In the last 24 hours, Dogecoin has witnessed a 2.18% growth, bringing its price to $0.1602 (data from CoinMarketCap).
During Dogecoin's fluctuating market behavior, whale buyers capitalized on the uncertainty. A chart shared by Martinez illustrates a surge in the whale holder category holding between 100,000,000 and 1,000,000,000 DOGE, starting on May 29th, when Dogecoin experienced a bearish trend reversal.
With over $112 million invested by Dogecoin whales, the question arises about the potential trend now that the coin is in recovery mode.
Whale influence on Dogecoin price
Whales have a significant impact on market trends. Their accumulation reduces the number of assets in circulation, contributing to overall price growth.
Sustained accumulation signals confidence from major investors about future growth potential. This has been observed with tokens like Shiba Inu (SHIB) and established currencies like Bitcoin (BTC).
Although Dogecoin lacks a deflationary feature, the actions of market whales can drive the anticipated bullish price action.
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