Crypto Whales Show Faith in Dogecoin and Pepe 👀👇
Despite recent price drops, crypto whales have been actively accumulating Dogecoin (DOGE) and Pepe (PEPE) in early July 2024. According to IntoTheBlock data, large holders of DOGE, who control between 0.1% to 1% of the cryptocurrency, have been buying up the coin in massive amounts. On July 2, 61.88 million DOGE were purchased, followed by a significant spike to 516.08 million the next day. Although the amount has since decreased to 215.90 million, these whales have invested $23.74 million in DOGE at an average price of $0.11, marking a substantial 175.44% increase in holdings.
Meanwhile, Pepe has seen a remarkable 2237.18% surge in large holder net flow over the past week, indicating intense whale activity. Although PEPE's price remains relatively stable at $0.0000078, the persistent buying spree by these whales could potentially impact the token's price in the future.
These developments suggest that crypto whales are bullish on DOGE and PEPE, and their investments could potentially influence the market trends for these meme coins.