Dogecoin Whales Accumulate Over $100M Worth of DOGE: Will a Bull Run Follow?
Release: 2024/06/02 02:30 Reading: 237
Dogecoin Whales Accumulate $100 Million, Signaling Potential Price Impact
Dogecoin (DOGE) whales, with holdings ranging from 100 million to 1 billion coins, have been actively accumulating since May 28th. Data from Santiment reveals that these whales have collectively purchased over $100 million worth of DOGE.
Accumulation Strengthens Whale Holdings
As a result of this accumulation, the supply held by this group has increased from 20.69% to 21.40%, as reflected in their address balances. This surge in whale activity suggests a bullish sentiment for DOGE.
Potential Impact on Price
The accumulation of $100 million by Dogecoin whales indicates an increasing demand for the coin, which could potentially lead to a price increase. Currently, DOGE is trading at $0.15, showing sideways movement over the past week.
However, for a sustained price increase to occur, DOGE would need validation from other metrics, such as a successful alignment of on-chain indicators. Conversely, failure to validate these metrics could result in a price decline towards $0.12.
On-Chain Metrics Provide Insights
From early April to May 29th, the 90-day Mean Coin Age (MCA) for Dogecoin showed an increasing trend, indicating sell-offs by long-term holders. However, over the past three days, the MCA has been declining, suggesting more holders are opting for self-custody.
Additionally, on-chain data indicates a decrease in the number of Dogecoins circulating, with one-day circulation at 357.04 million coins. This reduced selling pressure could further support a bullish scenario.
Bullish Sentiment Rises
According to IntoTheBlock, 83% of Dogecoin holders are currently in profit. This percentage could increase further if DOGE begins its upward trajectory, reaching 90% in the event of a breakout.
Conclusion
The accumulation of $100 million by Dogecoin whales, coupled with positive on-chain metrics, suggests a potential price increase for DOGE. However, it is important to note that this analysis is for informational purposes only and should not be considered as financial advice.
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