🐳🐶 Whale Activity Drives Dogecoin Holding 📈📉
Dogecoin investors, during recent market movements, saw the price drop from $0.1686 to $0.1423 and DOGE accumulate. Recently, on May 6, DOGE broke above the price level of $0.168, putting 5.21 million addresses in a profitable position.
However, after that, the situation reversed. A small correction in price was observed throughout May 7. According to online data provided by Santiment, DOGE whales took advantage of this price drop and purchased 265.86 million DOGE tokens.
🔸 Whales Accumulate DOGE
According to data from online platform Santiment, addresses holding between 100 million and 1 billion DOGE increased their holdings by 1%, accounting for 21% of the total supply on May 7.
Interestingly, the number of tokens held by these whales increased by 265.86 million DOGE, worth about 41.2 million USD. This increase is very significant in the market compared to the 342 million DOGE they owned the day before the whales entered.
Latest data reveals that accumulation on exchanges is still ongoing. Meanwhile, recent data shared by whale tracking platform Whale Alerts indicates that 120 million DOGE tokens, worth $18 million, were purchased from cryptocurrency exchange Robinhood and transferred to wallets. within a few hours.
🔸 Meaning of DOGE and Whale movements
Whale activity and sentiment are essential for any cryptocurrency, especially for a meme token like Dogecoin, whose value is largely driven by hype and sentiment. market reasons rather than utility needs.
These whales often move the market, and accumulation or selling by a few large traders can change the sentiment of other investors.
At the time of writing, DOGE is trading at $0.1448. The price correction that occurred from May 6 to May 9 appears to be continuing. Even so, the price is still higher than the $0.143 it jumped to during that time period.