700 Million Dogecoin (DOGE) in 72 Hours, Whales Finally Awake

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Dogecoin Whales Accumulate Over 700 Million DOGE

Amidst a slight crypto market decline, Dogecoin (DOGE) holders have seized the opportunity to invest in the meme coin at a more favorable price. According to market analyst Ali Martinez, whales have accumulated approximately 700 million DOGE within the past 72 hours.

Recent Dogecoin Performance

Dogecoin's recent performance has been somewhat volatile. Despite a 12.63% rally over the past month, the price has faced a slight setback over the past week, with a modest 1.32% gain. However, in the last 24 hours, DOGE has experienced a 2.18% growth, currently trading at $0.1602, as per CoinMarketCap data.

Whale Accumulation

Dogecoin's volatile nature has been exploited by whale buyers. Martinez's charts indicate a significant increase in whale holdings in the 100,000,000 to 1,000,000,000 range, particularly since May 29th, when the price of Dogecoin took a bearish downturn.

With over $112 million invested by Dogecoin whales, it is uncertain whether the price is poised for a recovery.

Whale Influence on Price

Market whales play a crucial role in determining price trends. Their accumulation reduces the number of assets in circulation, contributing to overall price growth. Sustained accumulation signals confidence among large investors and can positively influence the market's perception of future growth.

The impact of whales is evident in Shiba Inu (SHIB) and established digital currencies like Bitcoin (BTC). While Dogecoin lacks a deflationary mechanism, whale activity remains a potential driver of bullish price movements.