Dogecoin whales have bought $280 million worth of DOGE tokens in just two weeks. This is evident from on-chain figures shared on X. Tesla CEO Elon Musk, among others, stoked the fire with a tweet about Doge.
Dogecoin whales active
A recent analysis conducted by crypto analyst Ali Martinez shows that whales have stocked up on a lot of DOGE. This involves a whopping 1.4 billion worth of DOGE tokens, which have been valued at approximately $280 million over the last two weeks. A whale is an entity that owns at least $100 million in DOGE tokens.
This accumulation phase started after a notable decline in the DOGE price, which fell by 40% in the first two weeks of March, bottoming out after reaching a local high of $0.2 per DOGE.
#Dogecoin whales have purchased 1.40 billion $DOGE over the past two weeks, worth around $280 million! pic.twitter.com/zswuyRpuLG
— Ali (@ali_charts) March 29, 2024
The chart above shows the clear increase in accumulation coinciding with the recent rally, which saw DOGE price rise 78% within a nine-day span.
With the current price of approximately 22 dollar cents per Doge, the coin has reached a temporary high. The highest point since November 2021, the start of the previous bull market. This increase can be attributed to various factors. For example, DOGE would underperform compared to other meme coins such as Shiba Inu (SHIB), which actually made a remarkable run of 140% compared to Dogecoin in just two weeks.
4/20 an Elon Musk
In addition, the currency also tends to rise during the month of April, historically speaking. April 20 (4/20) is a kind of unofficial holiday in the Dogecoin community. It has become a meme on social media and “420” is also an important number within cannabis culture. The community then celebrates cryptocurrency day, also intended to create hype around their coin.
There is also speculation again about potential catalysts, such as Elon Musk’s tweets, which further contributes to market sentiment. Like this tweet from last year. And apparently whales are anticipating this festive month to stock up on DOGE, also known as “front running”.
— Elon Musk (@elonmusk) April 3, 2023
Source: https://bitcoinmagazine.nl/nieuws/dogecoin-whales-slokken-280-miljoen-op
