Dogecoin has reached another significant milestone, with whales in the Dogecoin community recording their largest week of accumulation since January 2024. During this period, over 2.1 billion DOGE tokens were purchased, highlighting the renewed interest and growing confidence in this dog-themed meme coin among major investors.
Unprecedented Accumulation by Dogecoin Whales
In the past week, a remarkable trend has emerged among Dogecoin whales, who have been accumulating DOGE tokens at a record pace not seen since the start of the year. IntoTheBlock’s data indicates that numerous Dogecoin addresses holding substantial quantities of tokens accumulated over 2.1 billion just last week, illustrating a marked revival of interest in meme coins.
Insights into Recent Whale Movements
The activity of Dogecoin whales has shown sporadic increases in recent weeks. The platform reports that large investors moved approximately 16.24 billion DOGE tokens, valued at $2.76 billion, over the past seven days. In the last 24 hours alone, these whales transferred another staggering 8.53 billion tokens, worth about $1.29 billion.
This recent whale accumulation trend signifies one of the most significant purchasing events in recent months. The surge in whale activity coincides with a renewed momentum in Dogecoin’s price, which has been experiencing upward movements despite broader market fluctuations.
Whale Activity as a Market Sentiment Indicator
Whale activity often serves as a robust indicator of market sentiment, suggesting potential bullishness among investors toward a particular cryptocurrency. Given the substantial influence these whales wield over the market, experts closely monitor their trades and movements to assess potential impacts on price trends and overall market dynamics.
For Dogecoin, data from CoinMarketCap shows a 6.01% increase in the coin’s price over the past week. This price surge is in line with the recent spike in whale activity, and with Dogecoin concluding October on a high note, there remains potential for continued price growth.
Market Capitalization and Trading Volume Surge
In addition to increased whale activity, Dogecoin has witnessed a surge in market capitalization and trading volume. The meme coin’s trading volume has risen by 30.95%, and its market cap has climbed to $22.12 billion, securing its position as the 8th largest cryptocurrency.
DOGE TD Sequential Indicator Flashes Buy Signal
While Dogecoin whales continue their accumulation spree, crypto analyst Ali Martinez has highlighted a new technical indicator pointing to a shift in market sentiment. The TD Sequential, a well-regarded tool for identifying trend reversals, is now signaling a strong buy opportunity for Dogecoin.
According to Martinez, the buy signal appeared on the Dogecoin 4-hour chart, suggesting that the meme coin may be positioned for further upward movement. The analyst predicts that if Dogecoin maintains a price above the $0.141 support level, the coin could rebound to $0.162. Currently, the Dogecoin price is trading at $0.15, as reported by CoinMarketCap.
These developments underscore the growing interest and confidence in Dogecoin among large-scale investors, suggesting a potentially positive outlook for its future market performance.
