Dogecoin (DOGE) experienced a significant drop after its price surged to around $0.22 at the end of March this year, plummeting to $0.09 temporarily on the 5th of this month. However, reports suggest that whales holding large amounts of DOGE are once again accumulating the cryptocurrency.
This report was released by renowned analyst Ali Martinez, who has over 67,000 followers on X, on July 18, 2024. Martinez cited data from the cryptocurrency data analysis firm Santiment, stating, “DOGE whales have accumulated over 60 million DOGE in the past 24 hours.”
The image shared by Ali Martinez highlights data from addresses holding between 1 million to 10 million DOGE. However, another report indicates that addresses holding between 10 million to 100 million DOGE have also purchased 160 million DOGE in the past 48 hours.
The price of DOGE rose to $0.127 on the 16th of this month, only to decline by the 19th. Given that this massive purchase occurred around the 18th, it suggests that large DOGE holders see the current price range as an opportunity to increase their holdings.
Many whales, who hold significant amounts of cryptocurrency, tend to accumulate during price drops and sell after the price rises. This pattern suggests that DOGE whales may be preparing for a substantial bull market in the future.
As of today, the 20th, Dogecoin’s price has surged again, temporarily recovering to $0.13. Future price movements are worth paying attention to.
>> Click here to read the article on price projections
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