Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought
05 November 2024 - 9:30AM
NEWSBTC
Dogecoin has achieved another historic milestone, as Dogecoin
whales recorded their largest accumulation week since January 2024.
Over 2.1 billion DOGE tokens were purchased during this period,
underscoring the resurgence of interest and renewed confidence in
the doggy-themed meme coin among prominent large-scale
investors. Dogecoin Whales Set New Accumulation Record
Over the past week, Dogecoin whales have been on a
significant accumulation trend, buying more DOGE tokens than ever
since the beginning of this year, when the positive sentiment
surrounding meme coins was high. Data from IntoTheBlock has
revealed that many Dogecoin addresses holding large quantities of
tokens accumulated over 2.1 billion just last week. Related
Reading: Is The Bitcoin Bull Market Over? Analyst Reveals Bear Case
That Could Send Price To $28,000 Additionally, Dogecoin whale
activity has increased sporadically in the last few weeks. The
platform reports that large-scale investors moved approximately
16.24 billion DOGE tokens, valued at $2.76 billion, over the past
seven days. In the last 24 hours, these whales transferred another
staggering 8.53 billion tokens, worth about $1.29 billion.
This recent Dogecoin whale accumulation trend represents one of the
most substantial purchases in the past few months. The spike in
whale activity also comes as the Dogecoin price is seeing renewed
momentum, experiencing price increases despite the broader 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. In the case of Dogecoin, data from CoinMarketCap
reveals that the price of the meme coin has increased by 6.01% over
the past week. This price surge aligns with the recent spike in
whale activity. Moreover, with Dogecoin closing October in the
green, the potential for continued price increases is still in
play. Including its increase in whale activity, DOGE has also
experienced a surge in its market capitalization and trading
volume. The meme coins trading volume is up by 30.95% while its
market cap has climbed to $22.12 billion, securing its position as
the 8th largest cryptocurrency. DOGE TD Sequential Flashes
Buy Signal While Dogecoin whales are on a significant accumulation
spree, crypto analyst Ali Martinez has unveiled a new technical
indicator signaling a change in market sentiment. The TD
Sequential, a popular tool for identifying trend reversals, is now
flashing a strong buy signal for Dogecoin. Related Reading:
Bitcoin Completes Retest Phase: Only One Thing Left For A $110,000
Price By December According to Martinez, the buy signal was seen on
the Dogecoin 4-hour chart, suggesting that the meme coin may be
poised for further upward movement. In light of this trend, the
analyst predicts that if Dogecoin maintains a price above the
$0.141 support, the meme coin could rebound to $0.162. It’s
important to note that the Dogecoin price is currently trading at
$0.15, according to CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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