Dogecoin Whale Accumulates more than 150M DOGE, Is the Dip Over?
According to data revealed by Whale Alert on October 21, a Dogecoin whale accumulated 155.11 million DOGE, worth $21.65 million, from the crypto trading division of Robinhood Markets. Per the data, the unknown address DP1…Wdj was recorded as bagging the abovementioned amount of coins. This massive accumulation, hinting at increased market confidence in the asset’s potential, has reverberated optimism surrounding future movements.
Simultaneously, it’s worth mentioning that the dog-themed meme coin is currently on a price rally, as pointed out by broader charts. This bullish trajectory is primarily attributable to Elon Musk’s support of Donald Trump amid the ongoing U.S. presidential elections. As Trump’s winning odds rose substantially to 63.7%, whereas Harris’ stood at 36.1%, per recent Polymarket data, Elon Musk’s D.O.G.E post under the Trump cabinet has garnered significant attention toward the token. Further as the U.S. presidential elections loom as of November, the massive accumulation by the aforementioned Dogecoin whale has poured additional market optimism on the meme crypto.
Simultaneously, DOGE price traded at $0.1457 at press time, down nearly 2% intraday. This drop primarily aligns with today’s broader market trend. The meme coin’s 24-gour low and high were $0.1384 and $0.1495, respectively. Nevertheless, weekly and monthly charts for the coin illustrated a 26% and 35% surge, respectively.
While the upside movement sparked investor optimism, Coinglass data indicated a 5.33% drop in Dogecoin futures OI to $1.02 billion today. Besides, the derivatives volume soared 8% to $3.46 billion. These stats underscore an uncertain market sentiment for the token.
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