Dogecoin Whales Go on Buying Spree: Is a DOGE Rally on the Horizon?
Dogecoin Whales Accumulate 1 Billion DOGE: Bullish Sign for DOGE Price?
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Recent on-chain data reveals that Dogecoin whales have been actively buying DOGE, a development that could potentially fuel a price rally for the memecoin. Analyst Ali Martinez, in a recent post on X, highlighted the significant buying activity of these large investors.
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Santiment, a leading analytics firm, provides valuable insights into the \”Supply Distribution\” of Dogecoin, which tracks the total amount of coins held by different wallet groups. The data shows that the whale cohort, defined as addresses holding between 100 million and 1 billion DOGE (roughly $10.9 million to $109 million at current exchange rates), has been accumulating significant amounts of the memecoin.
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Whales, due to their substantial holdings, can exert considerable influence on market sentiment and price movements. Their buying activities are therefore closely watched by traders and investors.
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As illustrated by the chart below, the Dogecoin supply held by whales surged last month, suggesting a period of active buying. This accumulation coincided with a rally in DOGE’s price, pushing it beyond the $0.13 mark for the first time since July. However, the broader cryptocurrency market’s bearish sentiment led to a subsequent price correction.
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Despite the recent price slump, the whales’ holdings have continued to increase, suggesting that they are accumulating DOGE at these lower price levels, anticipating a potential rebound. Over the past 24 hours alone, whales have scooped up over 1 billion DOGE, worth $109 million.
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Given that the previous whale buying spree preceded a DOGE rally, this recent accumulation could also signal a similar bullish outcome. However, it remains to be seen whether this latest bet by the Dogecoin whales will translate into a sustained price increase.
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DOGE Price Performance
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Dogecoin has outperformed other major cryptocurrencies in the past 24 hours, surging almost 5% to reach $0.109. This positive performance suggests that the bullish impact of the whale buying activity may already be beginning to take hold.
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It’s worth noting that the future trajectory of DOGE’s price will depend on a variety of factors, including overall market sentiment, regulatory developments, and the adoption of Dogecoin for real-world use cases. However, the recent whale buying activity presents a positive signal for the memecoin’s future prospects.