Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought

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As a seasoned analyst with over two decades of experience in the financial markets, I must say that the recent spike in Dogecoin whale activity has piqued my interest. Having witnessed numerous market cycles and trends across various asset classes, it’s evident that the resurgence of large-scale investors in DOGE is a significant development.

Dogecoin has hit another significant record, with major Dogecoin holders (also known as whales) accumulating the most DOGE tokens since January 2024. During this time, over 2.1 billion DOGE coins were bought, reflecting a surge in investor interest and renewed trust in the popular meme cryptocurrency among influential large-scale investors.

Dogecoin Whales Set New Accumulation Record

Over the last seven days, major Dogecoin investors (referred to as ‘whales’) have been actively buying more DOGE coins than they ever did since the start of this year, a time when there was a lot of optimism around meme cryptocurrencies. According to IntoTheBlock’s data, these whales purchased approximately 2.1 billion Dogecoin tokens last week alone.

Furthermore, there’s been an uptick in significant Dogecoin transactions lately. It appears that major investors have moved around 16.24 billion DOGE tokens, equivalent to approximately $2.76 billion, over the last week. More recently, within the past day, these large-scale investors transferred another 8.53 billion tokens, which is roughly $1.29 billion in value.

Lately, a significant build-up of Dogecoin by large investors, known as “whales,” is one of the largest purchases made in recent months. This surge in whale activity coincides with Dogecoin’s current price rise, which has shown resilience even amidst market volatility.

More often than not, whale activity is considered a strong indicator of market sentiment, suggesting that investors are possibly bullish on a particular cryptocurrency. Given the immense influence these so-called whales can have on a cryptocurrency, market experts carefully monitor their trades and movements to gauge the potential impacts on price trends and overall market dynamics. 

According to CoinMarketCap, there’s been a 6.01% rise in the value of Dogecoin over the last week. This increase coincides with an uptick in large-scale investor activity, often referred to as “whales.” Additionally, since Dogecoin ended October with gains, there’s still a possibility for further price rises moving forward.

As a researcher, I’ve noticed an intriguing correlation between the rise in whale activity and the surge in Dogecoin’s market capitalization and trading volume. The trading volume of this meme coin has spiked by approximately 30.95%, while its market capitalization has soared to a staggering $22.12 billion, cementing its status as the 8th largest cryptocurrency in the market.

DOGE TD Sequential Flashes Buy Signal

As large investors (Dogecoin whales) continue to amass the cryptocurrency, crypto analyst Ali Martinez has revealed a new technical indicator suggesting a shift in market attitudes. Specifically, the TD Sequential – a commonly used tool for predicting trend changes – is now displaying a robust buy signal for Dogecoin.

Based on Martinez’s analysis, a buy signal has appeared on the 4-hour Dogecoin chart, hinting that the meme cryptocurrency could potentially continue its upward trajectory. Given this trend, the analyst anticipates that if Dogecoin manages to hold its price above $0.141 as a support level, it might surge back up to $0.162. At present, Dogecoin’s price is at $0.15, as reported by CoinMarketCap.

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2024-11-05 11:46