Dogecoin Whales Buy 100M DOGE, Bullish Signal?

Recent on-chain data reveals a significant accumulation of Dogecoin (DOGE) by large investors, or “whales.” Analysis from Santiment shows that the cohort holding between 1 million and 10 million DOGE coins experienced a period of selling coinciding with a price rally, likely driven by profit-taking. However, in the past week, this group has reversed course, purchasing approximately 100 million DOGE, valued at roughly $18 million at current exchange rates. This massive buy-in has pushed the supply held by this cohort above pre-sell-off levels, potentially signaling bullish sentiment for DOGE's price. The analyst Ali Martinez highlights the “Supply Distribution” metric as a key indicator to watch. While this accumulation is positive, the cryptocurrency market remains volatile, and a shift in sentiment could lead to a price reversal. Currently, DOGE's price is trading around $0.180 after a brief dip below $0.167. The actions of these whales are closely watched by the crypto community, as their trading activity can significantly influence DOGE's price trajectory. The community is keenly interested in whether this bullish trend will continue or if another sell-off is imminent. The overall impact on the DOGE community will depend on the sustained interest and investment from these whales and other market participants. For many smaller investors, the whales' actions serve as a signal, influencing their own buying and selling decisions. The volatility inherent in memecoins like DOGE makes it crucial for investors to remain informed and exercise caution.

(Source: https://bitcoinist.com/dogecoin-whales-turn-buying-mode-100-million-doge/)