- Whales acquired over 1 billion DOGE in just 24 hours.
- DOGE price dipped, but whales quickly pushed it above $0.20.
- Whale accumulation signals potential bullish trend for Dogecoin’s future.
In a significant move, Dogecoin (DOGE) witnessed whales—large investors—acquiring over one billion coins within a 24-hour period. According to the onchain data provided by Santiment, the number of wallets that own more than one billion DOGE increased their reserves by an almost unbelievable 1.1 billion on August 5th and 6th.
This increase in the number of whales is very visible in the chart shared by @ali_charts on said X (known as Twitter). According to the chart, the black line represents the changes in DOGE’s value, while the grey area tracks the amount of DOGE held in whale wallets.
The enormous buildup by the whales can be seen by a sharp spike in the grey area on August 6. It corresponds to the argument that more than 1billion DOGE were purchased within one day, thus leading to speculations about the future price movement of the cryptocurrency
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Whale Accumulation: A Bullish Indicator?
This large-scale buying spree occurred as DOGE’s price dipped to around $0.194. However, it quickly rebounded above $0.20, which suggests that the whales may be positioning themselves for a potential price surge.
In the past, whale activity was regarded as a bullish indicator in the market. When large investors are convinced that the price is not fully reflected and that future growth is possible, they gather assets.
The buildup may point to a DOGE price rally based on whale expectations. These investors may play their cards before the market, and it may mean that the price is about to increase soon.
DOGE has overcome the odds to regain the price above $0.20 in the face of limited volume and minor accumulation. This short-term recovery may indicate a near-future price change stemming from the movement of the so-called whale wallets and the greater market mood.
As DOGE has been trading at a little above $0.20, people are keeping a close eye on it. The question remains whether the recent whale activity will lead to a price surge, marking the beginning of a bullish trend for DOGE.
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