The ‘big guys’ are buying Dogecoin in large quantities
Large holders are on the rise, potentially setting the stage for price increases.
The number of Dogecoin [DOGE] addresses holding between 100,000 and 1 billion meme coins has increased.
Using data from Santiment, analysts found that accumulation began around April 2nd.
Typically, a spike in these whale addresses is a sign that demand for DOGE has increased. And if demand increases, DOGE price will increase.
At the time of this writing, DOGE's price was $0.14— a 28.18% correction over the past 30 days.
However, if the number of large addresses buying DOGE at low prices increases, Dogecoin could soon begin a bull run that would take it back to the $0.18 level.
Furthermore, analysts are interested in the Market Value to Actual Value (MVRV) Z-Score. This score checks whether the cryptocurrency is in a bearish or bullish phase.
When the MVRV Z-Score is negative, it means the market is in a bearish cycle. But for Dogecoin, the figure is 52.83%, showing that the coin has held its bullish phase.
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