🐋 Dogecoin Whales Signal Positive Sentiment, Accumulate 200 Million DOGE Dogecoin whales have bought another 200 million DOGE since May 30. Despite the new meme coin hype, the price action of OG Dogecoin has remained relatively dull. But the whales seem set on pushing the asset's prices higher as they continue to collect the tokens. According to crypto analyst Ali Martinez, large holders or whales have been actively accumulating Dogecoin over the past five days. Martinez stated that such organizations added a staggering 200 million DOGE to their holdings, indicating a significant accumulation phase since May 30. During this period, Dogecoin consolidated within a narrow range. After briefly reaching highs of $0.174 on May 26, the meme coin has declined and is trading around the $0.16 level. Although a trend reversal is less likely, this has not deterred DOGE whales from hoarding the tokens. In fact, large investors have been hoarding DOGE for quite some time. Specifically, between May 29 and May 31, these organizations purchased more than 700 million DOGE tokens. Based on the current market price of Dogecoin, the total value of this purchased DOGE stock is approximately $112 million.But not everyone is a fan of memes. At the Consensus 2024 conference, Ripple CEO Brad Garlinghouse issued a scathing criticism of Dogecoin, casting doubt on the token's contribution to the cryptocurrency industry. Garlinghouse stressed that cryptocurrencies should strive to solve real-world problems, which he believes Dogecoin fails to achieve. According to the executive CEO, Dogecoin's appeal stems more from speculative fervor than practical use cases. A similar position has been echoed by several market experts, who believe that this cohort of tokens overshadows the efforts of teams focused on developing legitimate products that could potentially advance the industry.
