Dogecoin Price Down 7%, But Whales Continue To Buy

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As a seasoned crypto investor with a knack for deciphering market trends, I find myself intrigued by the recent Dogecoin whale activities. The 140 million DOGE added to their wallets within the past 24 hours is a significant move that catches my eye. This accumulation, despite the current pullback, suggests these whales are bullish on DOGE’s future.

Recent on-chain activity indicates that large Dogecoin investors, or “whales,” have persisted in purchasing the cryptocurrency, even as its market value has decreased.

Dogecoin Whales Have Just Added 140 Million DOGE To Their Wallets

According to analyst Ali Martinez’s latest post on X, significant Dogecoin investors (often referred to as ‘whales’) have persistently increased their purchases over the past 24 hours. The key metric to watch here is the “Supply Distribution” provided by on-chain analytics company Santiment, which monitors the current amount of Dogecoin being held by various wallet groups at this moment.

Investors are organized into different categories depending on the quantity of Dogecoin they hold in their accounts. For example, the category for 1-10 Dogecoins includes all investors who have between 1 and 10 Dogecoins.

For our discussion, we’re zeroing in on the coin category that falls between 10 million and 100 million. At present market rates, the minimum value translates to roughly $3.7 million, while the maximum could be as high as $37 million.

This investment opportunity requires substantial amounts, making it suitable only for large-scale investors. While not everyone holding this type of investment qualifies, it does include some of the larger players, often referred to as ‘whales’, who significantly impact the Dogecoin (DOGE) ecosystem.

Here’s a chart provided by our analyst highlighting the pattern in Dogecoin Supply Distribution within their specific group over the last couple of weeks:

Looking at the graph, it appears that the number of Dogecoins held by large investors (whales) has been steadily rising over time, and more significantly so in recent days, coinciding with a major surge in DOGE’s price. Given this sequence of events, it seems plausible that these investors have played a role in boosting the current price trend.

Over the past day, the memecoin experienced a change in trend, experiencing a dip of approximately 7% in price as the broader cryptocurrency market also reported losses (red day). However, intriguingly, the distribution pattern of coins between the 10 million and 100 million range has persisted in climbing upwards despite this downward movement.

Altogether, these massive investors have increased their Dogecoin holdings by approximately 140 million DOGE, which equates to around $52 million as of now. This buildup implies that these ‘whales’ aren’t convinced that the price surge has ended just yet.

Time will tell if the optimism from these major investors will trigger another rise in Dogecoin, or if their investment won’t pay off this time.

DOGE Price

Despite experiencing a decline from its peak, Dogecoin’s investors can still reap substantial profits, given that its weekly earnings stand at an optimistic 88% return.

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2024-11-16 19:15