Dogecoin Sees Monumental Surge In Transactions As Whales Spend $129 Million
June 14 2024 - 7:00PM
NEWSBTC
Dogecoin is currently at a critical price junction that might
determine its price trajectory in the short term. Although the meme
coin has witnessed a significant price drop in the past seven days,
recent whale activity suggests that the tide might change soon.
Notably, large holders of DOGE have been taking advantage of the
price drop to accumulate millions of DOGE. Per data from Santiment,
an on-chain analytics platform, addresses holding between 10
million and 100 million Dogecoins have collectively accumulated
more than $129 million worth of DOGE in the past seven days.
Dogecoin Whales Accumulate DOGE According to the on-chain data from
Santiment, whales have increased their accumulation in the past
week despite the price decline for the meme coin. Remarkably, these
whale addresses have bought over 900 million tokens in seven days,
suggesting their faith in DOGE despite the price downturn. Related
Reading: Solana On-Chain Indicators Suggests A Return Of Bullish
Sentiment, Is It Time To Buy SOL? Consequently, on-chain data shows
the number of coins owned by this cohort of traders has increased
by approximately 5% to a collective 18 billion tokens. A look at
the chart above reveals that the collective holdings of these whale
wallets have generally been on an uptick since the last week of
March. During periods of price increases, the accumulation has
typically exhibited an upward tendency and remained stable during
periods of price drops. However, the recent accumulation is
different because it comes alongside a corresponding price
decrease, showing a different strategy from the whale wallets.
Interestingly, similar data from IntoTheBlock suggests a similar
increase in activity on DOGE alongside the whale accumulation. This
uptick in activity saw around 9.29 billion DOGE tokens traded in
the past 24 hours. Additionally, 1,500 transactions were concluded
in the past 24 hours, implying traders are actively exchanging
DOGE. How Whale Transactions Impact DOGE Price Considering its meme
coin status, Dogecoin is highly influenced by sentiment among
traders and particularly huge investors. These big investors, known
as “whales” in crypto lingo, can have a significant impact on
Dogecoin’s price when they move their funds around. Their buying
activity triggers bullish momentum by pumping up demand, which
drives the price higher as other traders follow their lead. Related
Reading: Analyst Predicts 35% Jump For Bitcoin In Next Step Of
‘Magic Bands’ Interestingly, this recent whale accumulation comes
as a much-needed catalyst for bullish momentum. At the time of
writing, DOGE is trading at $0.1428 and has been down by 11.29% in
the past seven days. However, this decline seems to be slowing
down, with DOGE only registering a 0.6% loss in the past 24 hours.
According to a crypto analyst, this spiral towards $0.14 is forming
an important generational bottom for DOGE. Featured image created
with Dall.E, chart from Tradingview.com
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