Dogecoin Whales Accumulate 2.1 Billion Tokens in Historic Week
Dogecoin has reached a significant milestone as Dogecoin whales recorded their largest accumulation week since January 2024, purchasing over 2.1 billion DOGE tokens. This surge indicates renewed interest and confidence in the meme coin among large-scale investors.
Dogecoin Whales Set New Accumulation Record
In the past week, Dogecoin whales have shown a notable accumulation trend, buying more DOGE tokens than at any point this year when sentiment around meme coins was high. Data from IntoTheBlock indicates that numerous Dogecoin addresses holding large amounts accumulated over 2.1 billion tokens last week.
Additionally, whale activity has been sporadically increasing. Approximately 16.24 billion DOGE tokens valued at $2.76 billion were moved by large-scale investors in the past week, with an additional 8.53 billion tokens worth about $1.29 billion transferred in the last 24 hours.
This accumulation trend signifies one of the most substantial purchases in recent months, coinciding with a price increase for Dogecoin despite broader market volatility. Whale activity often serves as a strong market sentiment indicator, suggesting bullish investor behavior. Market experts monitor these movements closely to assess potential impacts on pricing and market dynamics.
According to data from CoinMarketCap, Dogecoin's price increased by 6.01% over the past week, aligning with the rise in whale activity. With Dogecoin closing October positively, there remains potential for further price increases. Additionally, DOGE's trading volume has risen by 30.95%, and its market capitalization has reached $22.12 billion, making it the 8th largest cryptocurrency.
DOGE TD Sequential Flashes Buy Signal
Amidst the significant whale accumulation, crypto analyst Ali Martinez has identified a technical indicator signaling a shift in market sentiment. The TD Sequential is currently indicating a strong buy signal for Dogecoin.
The buy signal appeared on the Dogecoin 4-hour chart, suggesting the possibility of further upward movement. Martinez predicts that if Dogecoin maintains a price above the $0.141 support level, it could rebound to $0.162. Currently, Dogecoin is trading at $0.15, according to CoinMarketCap.
