Whale Activity Boosts Dogecoin Holdings

Whale Activity Boosts Dogecoin Holdings

During recent market fluctuations, Dogecoin investors witnessed a price dip from $0.1686 to $0.1423 and seized the opportunity to accumulate DOGE. On May 6th, DOGE surpassed the $0.168 price barrier, pushing 5.21 million addresses into profitability. However, this trend soon reversed.

On May 7th, a slight price correction occurred. According to on-chain data from Santiment, DOGE whales capitalized on this dip by purchasing 265.86 million DOGE tokens.

DOGE Accumulating Whales

Santiment's on-chain data indicates that addresses holding between 100 million and 1 billion DOGE increased their holdings by 1% on May 7th, capturing 21% of the total supply. Notably, these whales added 265.86 million DOGE to their stashes, valued at approximately $41.2 million. This surge was significant compared to the 342 million DOGE they had parted with the previous day.

Recent data from Whale Alerts, a whale tracking platform, reveals that 120 million DOGE tokens, worth $18 million, were purchased from the cryptocurrency exchange Robinhood and transferred to wallets within a few hours.

Significance of DOGE and Whale Movements

Whale activity and sentiment are crucial for any cryptocurrency, particularly for a meme token like Dogecoin, whose value is largely driven by hype and market sentiment rather than utility. These whales often move the market, and their accumulation or sale can influence the sentiment of other investors.

At the time of writing, DOGE was trading at $0.1448. The price correction witnessed between May 6th and May 9th appears to be ongoing. However, the price remains above the $0.143 level it reached during that period.

Currently, DOGE has experienced a 4% decline in the past 24 hours and a 4% decrease over the past seven days. This suggests that the accumulation may have had a bullish impact on DOGE's price.

If the price holds above $0.143 and bullish accumulation continues, Dogecoin's price could rise towards the $0.16 and $0.20 resistance levels. Conversely, a reversal could send DOGE down to the next support at $0.13.

The original article was first published on COINTURK NEWS: Whale Activity Boosts Dogecoin Holdings