Dogecoin Whales Go On Massive Buying Spree, Here’s How Much They’ve Bought
22 Março 2024 - 8:00PM
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Dogecoin has seen a steady rise in activity in the past two days to
reverse the period of stagnancy recorded earlier in the week. At
the time of writing, DOGE is up by 7% in the past 24 hours,
reversing some of the corrections it has experienced in the past
week. Turns out some Dogecoin whales have been going on a massive
buying spree, as indicated by on-chain data. Popular crypto
analyst Ali Martinez highlighted this accumulation trend by
tweeting that DOGE whales have bought over 25 million DOGE worth
around $3.75 million in the past three days. Crypto Analyst
Reveals Dogecoin Whale Accumulation According to the Santiment
chart shared by Ali Martinez on social media, wallets holding
between 10 million to 100 million DOGE tokens have now pushed their
total balance to 15.63 billion DOGE after adding 25 million DOGE in
the past 24 hours. Related Reading: Don’t Panic: The Bitcoin
Bull Market Is Far From Over, Quant Says Interestingly, the chart
dynamics indicate this is a major change in sentiment from this
cohort of traders, as their collective balance has been in a
freefall since March 14th. #Dogecoin whales have bought 25 million
$DOGE in the past 72 hours, worth around $3.75 million!
pic.twitter.com/y1RnRffWhv — Ali (@ali_charts) March 21, 2024 Why
Does This Matter? Crypto whales typically move the market.
Increased buying or selloff from a few large traders could change
the sentiment of other investors, and they could further cascade a
price surge or decline. Notably, the chart shared by Martinez shows
that the total balance of DOGE’s whale addresses has largely
corresponded with the price increase. For example, the drop
on March 14 in the total whale balance corresponded with a 33% drop
in DOGE’s price from $0.1878 on March 14 to March 20. However, DOGE
is now showing signs of recovery and is currently trading at
$0.1629. While Dogecoin whales and FOMO buyers may temporarily push
DOGE higher, its long term success really depends on whether it can
transform from a memecoin into a widely used cryptocurrency.
Dogecoin recently scored a point in its bid to achieve mainstream
adoption. Coinbase, America’s biggest crypto exchange, revealed
plans to introduce Dogecoin along with Litecoin and Bitcoin Cash to
its regulated futures contract offerings. Related Reading: Crypto
Expert Reveals The Possibility Of Bitcoin Reaching $500,000
According to an earlier prediction by Ali Martinez, DOGE could
reach the $1 mark in April. His prediction was based off of the
crypto’s performance after similar breakouts in 2017 and
2021. A large part of this prediction coming to manifestation
is a bullish sentiment from whale addresses, especially if they
continue on an accumulation pattern. A key price level to watch is
$0.20. If DOGE breaks above this resistance level, it could
continue surging higher on buying momentum. But if it fails to
break $0.20 and starts dropping again, it may indicate the rally is
running out of steam. DOGE price trending at $0.156 | Source:
DOGEUSDT on Tradingview.com Featured image from CryptoRank, chart
from Tradingview.com
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