Dogecoin Sees Monumental Surge In Transactions As Whales Spend $129 Million
Release: 2024/06/15 07:04 Reading: 569
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=624712
Dogecoin Whales Surge Accumulation, Signaling Possible Price Reversal
Dogecoin has reached a critical juncture that may dictate its short-term price trajectory. Despite a recent price decline, whale activity suggests a potential reversal.
On-chain analytics indicate that addresses holding 10-100 million DOGE have amassed over $129 million in the past week. These whales have purchased over 900 million tokens, reflecting their continued confidence in DOGE.
The collective holdings of these whale wallets have steadily increased since late March. While accumulation typically aligns with price increases, the recent upswing amidst a price dip demonstrates a unique strategy.
IntoTheBlock data supports the surge in DOGE activity, with 9.29 billion tokens traded in the past 24 hours and 1,500 transactions completed.
Whale Transactions and DOGE Price Impact
As a meme coin, Dogecoin's price is heavily influenced by sentiment, especially among large investors. Whale movements can significantly impact price. Buying activity creates bullish momentum, attracting other traders.
The recent whale accumulation provides a catalyst for optimism. Despite trading at $0.1428, a 11.29% drop in the past week, DOGE is experiencing a slowdown in its decline, with only a 0.6% loss in the past 24 hours.
Analysts suggest that the downward trend towards $0.14 is forming a significant generational bottom for DOGE.
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