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Dogecoin has achieved another historic milestone Dogecoin whales It recorded its largest accumulation week since January 2024. More than 2.1 billion DOGE tokens were purchased during this period, underscoring renewed interest and renewed confidence in the comic-themed meme coin among major high-profile investors.
Dogecoin whales set new accumulation record
Over the past week, Dogecoin whales have been on a significant accumulation trend, Buy more DOGE tokens More than at any time since the beginning of this year, when positive sentiment surrounding meme coins was high. Data From IntoTheBlock revealed a lot Dogecoin addresses It has huge amounts of tokens accumulated over 2.1 billion in just the last week.
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In addition, Dogecoin whale activity It has increased intermittently in the past few weeks. The platform reported this Major investors moved in Nearly 16.24 billion DOGE tokens, worth $2.76 billion, have been exchanged over the past seven days. In the past 24 hours, these whales have transferred another staggering 8.53 billion tokens, worth approximately $1.29 billion.
This last one Dogecoin whale accumulation The trend represents one of the most significant purchases of the past few months. The increase in whale activity also comes with Dogecoin price It is experiencing renewed momentum, and is seeing price increases despite broader market volatility.
More often than not, whale activity is a strong indicator of market sentiment, indicating that investors may be bullish on a particular cryptocurrency. Given to Huge effect These so-called whales can own cryptocurrency, and market experts carefully monitor their trades and movements to gauge the extent to which… Potential impacts on price trends And market dynamics in general.
In the case of Dogecoin, CoinMarketCap data reveals that the price of the meme coin has increased by 6.01% over the past week. This price increase is consistent with the recent increase in whale activity. Moreover, with Dogecoin closes October in greenHowever, the possibility of continued price increases remains.
Including increased whale activity, DOGE has also seen an increase in market capitalization and trading volume. The meme’s trading volume increased by 30.95% while its market capitalization rose to $22.12 billion, securing its position as the eighth largest cryptocurrency.
DOGE TD Sequential Flashes Buy Signal
While Dogecoin whales are experiencing a massive accumulation spree, so is cryptocurrency analyst Ali Martinez unveil A new technical indicator indicates a change in market sentiment. the Sequential TDa popular tool for identifying trend reversals, is now flashing strongly Buy signal for Dogecoin.
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According to Martinez, a buy signal was seen on Dogecoin’s 4-hour chart, indicating that the meme coin may be… Poised for further upward movement. In light of this trend, the analyst predicts that if Dogecoin maintains the price above the support level of $0.141, the meme coin may rebound to $0.162. It is important to note that the price of Dogecoin is currently trading at $0.15, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com