Dogecoin has achieved another historic milestone, with Dogecoin whales recording their largest week of accumulation since January 2024. Over 2.1 billion DOGE tokens were purchased during this period, highlighting the resurgent interest and confidence of well-known large investors in the doggie-themed meme coin.
Dogecoin whales set new accumulation record
Dogecoin whales have shown a clear accumulation trend over the past week, purchasing more Dogecoin than at any time earlier this year, when positive sentiment toward the meme coin was high. Data from IntoTheBlock shows that many addresses holding large amounts of Dogecoin have accumulated more than 2.1 billion in the last week alone.
Additionally, the activity of Dogecoin whales has increased from time to time in the past few weeks. The platform reports that large investors have moved approximately 16.24 billion Dogecoins worth $2.76 billion in the past seven days. In the past 24 hours, these whales have moved a staggering 8.53 billion more Dogecoins, worth approximately $1.29 billion.
The recent accumulation trend of Dogecoin whales is one of the largest purchases in the past few months. The surge in whale activity is also accompanied by a new round of gains in Dogecoin prices, which are still rising despite the market volatility.
Whale activity is often seen as a strong indicator of market sentiment, suggesting that investors may be bullish on a particular cryptocurrency. Given the outsized influence these so-called whales have over cryptocurrencies, market experts carefully monitor their trades and movements to assess potential impact on price trends and overall market dynamics.
In the case of Dogecoin, data from CoinMarketCap shows that the meme coin’s price has increased by 6.01% over the past week. This price increase coincides with the recent surge in whale activity. Furthermore, as Dogecoin closes October with gains, the possibility remains that its price will continue to rise.
In addition to the increase in whale activity, DOGE’s market cap and trading volume also increased significantly. The meme coin’s trading volume increased by 30.95% and its market cap climbed to $22.12 billion, solidifying its position as the eighth-largest cryptocurrency.
DOGE TD sequential flashing buy signal
As Dogecoin whales pile into their hoarding, cryptocurrency analyst Ali Martinez unveiled a new technical indicator that suggests market sentiment is changing. TD Sequential, a popular trend reversal identification tool, is now issuing a strong buy signal for Dogecoin.
Martinez said that a buy signal has appeared on Dogecoin’s 4-hour chart, indicating that the meme coin may be poised for further gains. Given this trend, the analyst predicts that if Dogecoin’s price maintains above the $0.141 support level, the meme coin may rebound to $0.162. It is worth noting that Dogecoin is currently priced at $0.15, according to CoinMarketCap.
