[Whales spent $129 million, Dogecoin trading volume increased significantly]
Dogecoin is currently at a key price crossover that could determine its short-term price direction. Although the price of Dogecoin has dropped significantly this week, recent whale activity suggests that things may change soon. Notably, large holders of Dogecoin are taking advantage of this price drop to accumulate millions of DOGE. Addresses holding between 10 million and 100 million DOGE have collectively accumulated more than $129 million in DOGE over the past seven days, according to on-chain analytics platform Santiment.
Data from Santiment shows that whales have increased their accumulations over the past week despite falling prices. These whale addresses purchased over 900 million tokens in seven days, showing their confidence in DOGE.
As a result, on-chain data shows that the amount of DOGE held by this group of traders has increased by approximately 5%, totaling 18 billion tokens.
Looking at the chart, the total holdings of these whale wallets have been rising steadily since the end of March. Accumulation volume typically trends upward during periods of rising prices and remains stable during periods of falling prices. However, the recent accumulation is different from previous ones as it was accompanied by a price drop, showing a different strategy adopted by whale wallets.
Interestingly, data from IntoTheBlock also shows an increase in DOGE activity, consistent with cumulative behavior by whales. This increase in activity saw approximately 9.29 billion DOGE tokens traded in the past 24 hours. Additionally, 1,500 trades were completed in the past 24 hours, indicating that traders are actively exchanging DOGE.
Considering its memecoin status, Dogecoin is heavily influenced by the sentiment of traders and especially big investors. These large investors, known as "whales" in cryptocurrency parlance, have a significant impact on Dogecoin's price when they move funds. Their buying activity triggers bullish momentum, pushing the price higher by increasing demand, and other traders follow suit.
This accumulation of whale activity has provided a much-needed catalyst for bullish momentum. According to cryptocurrency analysts, this drop to $0.14 is forming a major “generational bottom” for DOGE.
