Whale activity increases Dogecoin reserves
Dogecoin investors saw the price drop from $0.1686 to $0.1423 during recent market movements and accumulated DOGE. Recently, on May 6, DOGE rose above the $0.168 price level, putting 5.21 million addresses in a profitable position. However, after this the situation changed. A slight price correction was observed throughout May 7th. According to network data provided by Santiment, DOGE whales took advantage of this drop and purchased 265.86 million DOGE tokens.
🔸DOGE accumulates whales
According to data from on-chain platform Santiment, addresses holding between 100 million and 1 billion DOGE increased their holdings by 1%, capturing 21% of the total supply on May 7.
Interestingly, the number of tokens owned by these whales increased by 265.86 million DOGE, worth approximately $41.2 million. This increase was significant in the market compared to the 342 million DOGE that left their possession the day before the whales entered.
The latest data shows that accumulation on the exchanges is still ongoing. Meanwhile, recent data provided by whale tracking platform Whale Alerts shows that 120 million DOGE tokens worth $18 million were purchased on cryptocurrency exchange Robinhood and transferred to wallets within hours.
🔸 The meaning of DOGE and KITA movements
Whale activity and sentiment are important for any cryptocurrency, especially for a meme token like Dogecoin, whose value is primarily determined by hype and market sentiment rather than demand for utility. These whales tend to move the market, and accumulation or selling by a few large traders can change the sentiment of other investors.
At the time of writing, DOGE was trading at $0.1448. The price correction that occurred between May 6 and May 9 appears to be continuing. Despite this, the price is still above the $0.143 level it jumped during this period.
Currently, DOGE is down 4% in the last 24 hours and 4% in the last seven days. $DOGE #DOGE
