dogecoin Whales Have Accumulated 276 Million Coins, Will DOGE Reach $0.01?
In an exciting turn of events, Dogecoin, one of the most prominent meme coins in the cryptocurrency world, has recently attracted attention with massive whale accumulations appearing on the crypto horizon. Data provided by blockchain tracking platform Whale Alert shows a staggering 276.21 million DOGE collected from Robinhood, an American financial services company.
While DOGE is drawing a bullish mood today, this accumulation frenzy has aroused great curiosity among crypto market traders and investors globally. CoinmarketCap’s chart showed a significant 7.28% increase in the price of the meme coin as of the time the news was published. Derivatives data also pointed to a bullish trend in the market, prompting bullish sentiment on Dogecoin and falling in line with whale accumulations.
DOGE Whale Accumulation Sparks optimism
According to data from Whale Alert, two large whale transactions collectively accumulated the above-mentioned amount from Robinhood. In the first transaction, 172.89 million DOGE accumulations worth $16.59 million were exhibited via the address DEndnpPewG…gWLmkNMatU. However, in the second transaction, it was seen that the address DGG1Ght6LB…pcSXme8X5S accumulated 103.32 million DOGE worth $9.87 million.
Such large accumulations often trigger the usual market sentiment of decreasing supply and increasing prices. Consistent with this, these transactions signaled a bullish trend for Dogecoin in the market as the price of the meme coin rose amidst these accumulations. The recent notable pump has attracted attention in a way that contradicts the value and excitement around Dogecoin, following the slow performance DOGE has witnessed since its inception.
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DOGE Price Pumps
As of this writing, Dogecoin price has gained 7.28% in the last 24 hours and is currently trading at $0.09871. Memecoin’s market value and 24-hour trading volume also increased by 7.71% and 146.81%, respectively.
Coinglass’ data showed a significant increase of 15.06% in DOGE’s open interest, while volume increased by 191.73%. While this signaled new money entering the market, it also signaled an increase in market activity.
Collectively, the data above shows bullish market sentiment for Dogecoin, potentially paving the way for DOGE to move towards the $0.01 level. This bullish stance is further aided by speculative rumors revolving around a potential partnership between Dogecoin and Ferrari.
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