Dogecoin finds itself at a crucial juncture that could define its near-term price trajectory. Despite a notable decline over the past week, recent activity from large DOGE holders suggests a potential reversal may be on the horizon. Notably, whales within the DOGE ecosystem have capitalized on the price dip to accumulate millions of tokens. According to Santiment, an on-chain analytics platform, addresses holding between 10 million and 100 million Dogecoins have collectively acquired over $129 million worth of DOGE in the last seven days.
Whales Boost DOGE Holdings
Santiment's on-chain data reveals that despite the meme coin's recent price struggles, whales have significantly increased their holdings over the past week. This accumulation totaled more than 900 million tokens, underscoring their confidence in DOGE despite current market conditions.
Related Insights
Consequently, data shows that these traders' combined holdings have risen by approximately 5% to a total of 18 billion tokens.
Analysis of the chart indicates a consistent upward trend in the collective holdings of these whale wallets since late March. Typically, accumulation rises during periods of price appreciation and remains steady during downturns. However, this recent accumulation amid falling prices signals a strategic shift among whale wallets.
Interestingly, data from IntoTheBlock also highlights increased activity surrounding DOGE, paralleling the whale accumulation. This surge saw approximately 9.29 billion DOGE tokens exchanged in the past 24 hours alone, alongside 1,500 completed transactions, indicating active trading among investors.
Impact of Whale Transactions on DOGE
Price As a meme coin, Dogecoin's market sentiment is heavily influenced by large traders, or "whales." Their substantial transactions can trigger bullish trends by boosting demand, thereby driving prices upward as other investors follow suit.
Related Insights This recent uptick in whale accumulation serves as a significant catalyst for bullish sentiment. Currently, DOGE is trading at $0.1428, marking an 11.29% decline over the past week, with a slight 0.6% decrease in the last 24 hours. According to crypto analysts, this descent towards $0.14 may represent a crucial bottoming phase for DOGE.
chart from Tradingview.com
Komentáře