The number of addresses holding between 10 million and 100 million #Dogecoin has increased from 660 on December 20 to 671 on December 26, reflecting a continued whale accumulation trend. This growth coincides with a 5% rise in Dogecoin’s price over the past seven days, bringing its market cap close to $47 billion.
The continued rise in large volume holders highlights the growing interest among major market participants, which could support the stability of the token price.
Number of addresses holding between 10 million and 100 million Dogecoins. Source: Santiment
However, Dogecoin’s daily trading volume dropped by 7.5%, indicating a decline in spot market activity. However, the continued accumulation by whales indicates continued confidence in the asset, which could pave the way for future price growth.
If the accumulation trend continues, Dogecoin may maintain its upward momentum, but the decrease in volume also calls for caution, as low trading activity could limit price volatility in the near term. $BNB
