As a seasoned researcher with years of experience analyzing cryptocurrency markets, I have seen my fair share of market fluctuations and whale activities. The latest spree of Dogecoin (DOGE) buying by the whales over the past 24 hours is certainly intriguing.
Over the last day, it appears that large Dogecoin investors (referred to as “whales”) have made substantial purchases. This activity might indicate a positive outlook for the value of Dogecoin (DOGE).
Dogecoin Whales Have Purchased Big Over The Last 24 Hours
According to analyst Ali Martinez’s latest post on X, large Dogecoin investors (often referred to as ‘whales’) have been making net purchases in recent times. The key on-chain metric in this context is the “Supply Distribution” provided by analytics firm Santiment, which provides insight into the current total coin holdings of various Dogecoin wallet groups.
When discussing our current subject, we’re focusing on the group referred to as a “whale cohort.” Generally, this term is used for addresses holding between 100 million to 1 billion units of the memecoin, provided their balance falls within these limits. At present, the exchange rate of the memecoin translates this range into approximately $10.9 million at the lower end and up to $109 million at the higher end.
As an analyst, I notice that this particular group aligns with significant investors, and due to their substantial size, they possess a certain level of market sway. Consequently, tracking the actions of these ‘whales’ could be beneficial, as their behavior might have a ripple effect on the price fluctuations of the cryptocurrency.
Presently, let me share a graph illustrating the pattern in Whale-held Dogecoin Supply Distribution during the past couple of weeks:
Last month, there was a significant jump in the amount of Dogecoin held by those with between 100 million and 1 billion coins, according to the graph above. This suggests that ‘whales’ (large investors) made substantial purchases of Dogecoin in large quantities.
After this amassment, there was an upsurge at the end of the month that propelled DOGE over the $0.13 mark for the first time since July. However, following this peak, the asset’s price has suffered a substantial drop due to the overall cryptocurrency market experiencing bearish trends.
It’s intriguing to note that even with the drop in prices, the number of ‘whale’ holdings has continued to rise, suggesting they are buying coins during these low periods, as they see it as an opportunity for potential profit in the memecoin market.
Over the past day, these massive investors have been adding more than a billion Dogecoin (DOGE), equating to approximately $109 million. Since their previous buying surge caused a price increase, there’s a possibility that another accumulation like this could lead to a similar market reaction.
As an analyst, I can’t predict the future, but it’s intriguing to observe this recent investment move by the Dogecoin whales. Time will tell if it proves profitable for them.
DOGE Price
Over the past day, Dogecoin has surpassed other major cryptocurrencies by gaining nearly 5%, pushing its value up to approximately 0.109 USD. This could indicate that the impact of large investors (whales) buying Dogecoin might be beginning to show.
Read More
Sorry. No data so far.
2024-10-05 16:16