Dogecoin Whales Shake The Market With 265 Million DOGE Buy, Can They Send It To $1?
Release: 2024/05/11 04:04 Reading: 724
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=299237
Dogecoin Whales Accumulate Amidst Price Dip
Dogecoin holders are accumulating DOGE tokens following a recent price dip from $0.1686 to $0.1423. On May 6, DOGE surged above $0.168, bringing 5.21 million addresses into profitability. However, the cryptocurrency corrected on May 7.
Whales Capitalize on Dip
According to on-chain data from Santiment, large DOGE holders capitalized on this drop and added approximately 265.86 million DOGE tokens to their wallets.
Whales Accumulate DOGE
Data from Santiment reveals that DOGE addresses holding 100 million to 1 billion DOGE saw their holdings increase by 1% on May 7, reaching 21% of the total supply. Notably, these traders added 265.86 million DOGE, worth approximately $41.2 million. This increase reversed a previous 342 million DOGE outflow from large holders.
src="/uploads/20240511/1715373934663e876e52a33.png"> Santiment
Why This Matters for Dogecoin
Whale sentiment and movement are crucial for any cryptocurrency, especially for a meme token like Dogecoin, whose value is largely driven by hype and market sentiment rather than utility. These whales can influence the market, and their accumulation or selling can sway investor sentiment.
Price Update
At the time of writing, DOGE is trading at $0.1516. The price correction from May 6 to May 9 appears to have ended after bouncing off the $0.143 level. DOGE is currently up 3% in the past 24 hours and 14% in the past seven days, suggesting that the accumulation may have contributed to its bullish momentum.
Technical Outlook
On a larger timeframe, $0.143 is a strong support level for DOGE. The recent bounce could initiate another leg up towards new highs this month. Continued accumulation could push Dogecoin past resistances at $0.16 and $0.20, leading to a potential pump above its current all-time high and eventually towards $1. However, other bullish factors are also necessary for this to occur.
src="/uploads/20240511/1715373934663e876e52a33.png"> DOGE Price above $0.15 | Source: DOGEUSDT on Tradingview.com
Conclusion
While meme coins like TRUMP, TURBO, PONKE, and MYRO are attracting attention, DOGE whales are accumulating, potentially setting the stage for a bullish continuation. However, a bearish reversal could result in a drop to the next support at $0.13.
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