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As the broader crypto market recorded a slight slump overnight, many Dogecoin (DOGE) holders have seen this as an opportunity to make a cheaper bet on the meme coin. According to insights shared by top market analyst Ali Martinez, about 700 million DOGE have been accumulated by whales in the trailing 72-hour period.
#Dogecoin whales have bought over 700 million $DOGE in the past 72 hours, worth around $112 million! pic.twitter.com/zpMoHz1azX
— Ali (@ali_charts) May 31, 2024
The performance of Dogecoin in recent times is arguably mixed. After soaring as high as 12.63% in the past month, the price backtracked over the past week, with just about a 1.32% surge. In the past 24 hours, Dogecoin has inked 2.18% growth, with the price pegged at $0.1602, per data from CoinMarketCap.
The instability in either the uptrend or downtrend by Dogecoin was capitalized on by its whale buyers. In the charts shared by Martinez, the intensity in the 100,000,000 to 1,000,000,000 whale holder category scored a jump from May 29, when the price of Dogecoin came off with a bearish trend reversal.
With more than $112 million stacked by Dogecoin whales, it becomes even more intriguing to understand what the trend might be now that the price of the coin is in recovery mode.
Dogecoin whales can determine price surge
Whales on the broader market determine trend shifts in no small measure. Their accumulation helps cushion the total number of assets in circulation, and by so doing, complements the price growth overall.
Should this accumulation be sustained, it would serve as a vote of confidence for the general market to understand how the bigger spenders see growth ahead. The impact of whales on tokens like Shiba Inu (SHIB) and more established digital currencies like Bitcoin (BTC) is also resounding.
While Dogecoin has no active deflationary feature, the actions of its market whales will come in handy in driving the much anticipated bullish price action.