Dogecoin Sees Rapid Accumulation Following Price Drop To $0.11
Dogecoin has been on a downtrend for more than six months now. The
meme coin which found favor in the eyes of investors had been able
to rally to new highs but has been unable to replicate this
success. Nevertheless, this has not been a deterrent for investors
who continue to pour money into the digital asset. Most notable
have been the whales as they accumulate massive amounts of Doge
through its downtrend. Dogecoin Whales Not Giving Up Dogecoin is a
long way from its $0.7 all-time high but that does not mean that
investors believe that the digital asset is done for. In fact,
Dogecoin whales themselves look to be the biggest believers of the
meme coin given how much they have bought recently. These whales
which hold the majority supply of the digital asset continue to add
to their holdings at what can only be described as ‘discount
prices.’ Related Reading | Bitcoin Jumps To $40k As Putin Sees
“Positive Movement” In Negotiations IntoTheBlock documents
cryptocurrencies and what percentages are held by larger wallets.
Data from the site shows that Dogecoin whales have been ramping up
their buying during the recent downtrend. Dogecoin which had
recently crumbled to the $0.11 point saw a significant uptick in
trading volume as these large wallets went on a shopping spree.
DOGE trading at $0.115 | Source: DOGEUSD on TradingView.com Over a
24-hour time frame, these wallets had raised their holdings by
another 6.8% putting the current percentage of Doge held by whales
at 66%. It is a significant uptick given the low momentum that has
rocked the altcoin of late. Doge has lost more than 60% of its
all-time high value, presenting a buying opportunity for those
interested. Still Making Money Even at what is categorized as low
prices given how high the meme coin had rallied last year, the
majority of Dogecoin holders are in no way losing money.
IntoTheBlock shows that 54% of all Doge holders are still in profit
at current prices. Inversely, 45% of all holders are in the loss
territory, so not much of a wide gap from their money-making
counterparts. While only 1% remain in the neutral territory.
Related Reading | Bitcoin Falls Below $40,000 Trimming The
Gains From US Crypto Order As for market sentiment, indicators
point to investors being mostly bearish in the digital asset.
However, this does not seem to deter the meme coin’s whales as they
have added millions of dollars worth of coins to their holdings.
This move on the part of whales could point to a recovery trend in
the near future. However, with so many investors still bearish, it
may require higher accumulation numbers than currently recorded to
move the needle that much. Featured image from Laptop Mag, chart
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