Dogecoin ($DOGE) whales have amassed over 1.4 billion tokens in just 48 hours to add more than $140 million worth of the largest meme-inspired cryptocurrency by market capitalization to their wallets.
That’s according to data from on-chain analytics firm Santiment that was shared by popular cryptocurrency analyst Ali Martinez on the microblogging platform X (formerly known as Twitter) with his over 72,000 followers.
#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V
— Ali (@ali_charts) September 26, 2024
The meme-inspired cryptocurrency is at the time of writing trading at $0.124 after surging more than 16% over the past week amid a wider cryptocurrency market rally that has seen the price of Bitcoin rise more than 3.4% to over $65,500.
Notably, it’s currently trading around a significant resistance at the $0.11 mark that had 23,400 addresses holding around 31 billion DOGE tokens being held at that level.
As reported, DOGE recently hit a major milestone after seeing the number of wallet addresses holding it surpass the 90 million mark. It’s worth noting that one wallet doesn’t necessarily mean one user. Anyone can create multiple DOGE wallets, while some wallets – those of exchanges, for example – may hold DOGE belonging to various users.
Earlier this year, Tesla and Space X CEO Elon Musk acknowledged the potential value in Bitcoin and other digital currencies but admitted having a particular fondness for Dogecoin. “I’ve sort of got a soft spot for Dogecoin because I like dogs and memes,” he explained.
Featured image via Unsplash.
