Dogecoin has achieved another historic milestone, as Dogecoin whales recorded their largest accumulation week since January 2024. Over 2.1 billion DOGE tokens were purchased during this period, underscoring the resurgence of interest and renewed confidence in the doggy-themed meme coin among prominent large-scale investors.
Dogecoin Whales Set New Accumulation Record
Over the past week, Dogecoin whales have been on a significant accumulation trend, buying more DOGE tokens than ever since the beginning of this year, when the positive sentiment surrounding meme coins was high. Data from IntoTheBlock has revealed that many Dogecoin addresses holding large quantities of tokens accumulated over 2.1 billion just last week.
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Additionally, Dogecoin whale activity has increased sporadically in the last few weeks. The platform reports that large-scale investors moved approximately 16.24 billion DOGE tokens, valued at $2.76 billion, over the past seven days. In the last 24 hours, these whales transferred another staggering 8.53 billion tokens, worth about $1.29 billion.
This recent Dogecoin whale accumulation trend represents one of the most substantial purchases in the past few months. The spike in whale activity also comes as the Dogecoin price is seeing renewed momentum, experiencing price increases despite the broader market volatility.
More often than not, whale activity is considered a strong indicator of market sentiment, suggesting that investors are possibly bullish on a particular cryptocurrency. Given the immense influence these so-called whales can have on a cryptocurrency, market experts carefully monitor their trades and movements to gauge the potential impacts on price trends and overall market dynamics.
In the case of Dogecoin, data from CoinMarketCap reveals that the price of the meme coin has increased by 6.01% over the past week. This price surge aligns with the recent spike in whale activity. Moreover, with Dogecoin closing October in the green, the potential for continued price increases is still in play.
Including its increase in whale activity, DOGE has also experienced a surge in its market capitalization and trading volume. The meme coins trading volume is up by 30.95% while its market cap has climbed to $22.12 billion, securing its position as the 8th largest cryptocurrency.
DOGE TD Sequential Flashes Buy Signal
While Dogecoin whales are on a significant accumulation spree, crypto analyst Ali Martinez has unveiled a new technical indicator signaling a change in market sentiment. The TD Sequential, a popular tool for identifying trend reversals, is now flashing a strong buy signal for Dogecoin.
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According to Martinez, the buy signal was seen on the Dogecoin 4-hour chart, suggesting that the meme coin may be poised for further upward movement. In light of this trend, the analyst predicts that if Dogecoin maintains a price above the $0.141 support, the meme coin could rebound to $0.162. It’s important to note that the Dogecoin price is currently trading at $0.15, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
