Dogecoin Whales Fill Up Bags As DOGE Price Dips 5%
Release: 2024/07/19 12:30 Reading: 911
Dogecoin Whales Accumulate Amid Recent Price Dip
On-chain data reveals that Dogecoin whales have been increasing their holdings despite the memecoin's recent decline.
Whales Accumulate DOGE
Analyst Ali Martinez observed that Dogecoin whales have engaged in net accumulation over the past day. Santiment's "Supply Distribution" metric indicates the amount of DOGE held by different wallet groups.
The group of interest is the 1 million to 10 million coins cohort, which represents large holders with significant influence on the network.
The chart provided by the analyst shows that the Dogecoin Supply Distribution for this cohort has increased over the past few weeks, suggesting net accumulation.
60 Million DOGE Purchased
In the last 24 hours alone, these whales have added over 60 million DOGE to their wallets, a purchase worth approximately $7.1 million. Notably, they have refrained from selling during the recent price pullback.
Bullish Implication
The whales' accumulation may be seen as a positive sign for Dogecoin, indicating their belief in its long-term prospects. However, it's important to monitor the indicator in the coming days, as market dynamics can swiftly change.
Dogecoin Price Movement
Dogecoin had surpassed $0.127 during its recent surge but has since declined to $0.119 in the past 24 hours. The below chart illustrates its recent price action.
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