$DOGE Whales Crazy Buying 1 Billion Dogecoins, Can They Drive a Price Rebound?
Doge Whales have made another move, but is this massive purchase of Dogecoin enough for memecoins?
Recently, social sentiment for memecoins has been a bit bad, with everyone bearish. Market indicators also show that Dogecoin DOGE is challenging a key resistance level.
Last week, the price of Dogecoin fluctuated a lot, up and down. Specifically, according to data, the price of DOGE has fallen by more than 13% in the past seven days. However, fortunately, the price has risen by more than 3% in the past 24 hours, which is considered to be some good news for investors. As of now, Dogecoin is trading at $1.077, with a market value of more than $15 billion.
However, the price increase did not make the social indicators look good. Looking at the data, it is found that DOGE's social dominance and weighted sentiment have both declined, which means that investors are less willing to talk about Dogecoin, and the bearish sentiment is getting heavier.
However, Doge Whales are not idle. According to a cryptocurrency analyst Ali on Twitter, in the past 24 hours, DOGE whales bought more than 1 billion DOGE, spending a total of about $108.7 million. It seems that the big players in the market are still quite confident in Dogecoin and think that the price will rise.
