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Dogecoin Whales Go On Massive Buying Spree, Here’s How Much They’ve Bought

Dogecoin has seen a steady rise in activity in the past two days to reverse the period of stagnancy recorded earlier in the week. At the time of writing, DOGE is up by 7% in the past 24 hours, reversing some of the corrections it has experienced in the past week. Turns out some Dogecoin whales have been going on a massive buying spree, as indicated by on-chain data. 

Popular crypto analyst Ali Martinez highlighted this accumulation trend by tweeting that DOGE whales have bought over 25 million DOGE worth around $3.75 million in the past three days. 

Crypto Analyst Reveals Dogecoin Whale Accumulation

According to the Santiment chart shared by Ali Martinez on social media, wallets holding between 10 million to 100 million DOGE tokens have now pushed their total balance to 15.63 billion DOGE after adding 25 million DOGE in the past 24 hours. 

Interestingly, the chart dynamics indicate this is a major change in sentiment from this cohort of traders, as their collective balance has been in a freefall since March 14th.

Why Does This Matter?

Crypto whales typically move the market. Increased buying or selloff from a few large traders could change the sentiment of other investors, and they could further cascade a price surge or decline. Notably, the chart shared by Martinez shows that the total balance of DOGE’s whale addresses has largely corresponded with the price increase. 

For example, the drop on March 14 in the total whale balance corresponded with a 33% drop in DOGE’s price from $0.1878 on March 14 to March 20. However, DOGE is now showing signs of recovery and is currently trading at $0.1629.

While Dogecoin whales and FOMO buyers may temporarily push DOGE higher, its long term success really depends on whether it can transform from a memecoin into a widely used cryptocurrency. Dogecoin recently scored a point in its bid to achieve mainstream adoption. Coinbase, America’s biggest crypto exchange, revealed plans to introduce Dogecoin along with Litecoin and Bitcoin Cash to its regulated futures contract offerings.

According to an earlier prediction by Ali Martinez, DOGE could reach the $1 mark in April. His prediction was based off of the crypto’s performance after similar breakouts in 2017 and 2021. 

A large part of this prediction coming to manifestation is a bullish sentiment from whale addresses, especially if they continue on an accumulation pattern. A key price level to watch is $0.20. If DOGE breaks above this resistance level, it could continue surging higher on buying momentum. But if it fails to break $0.20 and starts dropping again, it may indicate the rally is running out of steam.

Dogecoin price chart from Tradingview.com

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Dogecoin Out Of Fashion? Volume & Whale Activity Plunges

On-chain data shows the Dogecoin volume and whale activity have plummeted recently, a possible indication that investors no longer have interest in the memecoin.

Dogecoin Transaction Volume And Whale Transaction Count Have Declined

As pointed out by analyst Ali in a new post on X, DOGE trading activity has become lower recently. There are two on-chain metrics of relevance here: the Transaction Volume and Whale Transaction Count.

The former keeps track of the total amount of Dogecoin (in USD) involved in daily transaction activity on the network. A high value of this metric usually suggests that trading interest in the asset is high right now.

On the other hand, the low metric implies not many traders are paying attention to the memecoin currently as little volume is transacted on the blockchain.

The other metric of interest here, the “Whale Transaction Count,” measures the total number of transfers on the network that are at least $1 million.

Unlike the Transaction Volume, which provides information about the network in general, the Whale Transaction Count specifically tells us about the activity being displayed by the whales.

The whales are the largest entities on the chain, so they can hold some influence in the market. As such, their activity can affect cryptocurrency in one way or another.

Now, here is a chart that shows the trend in the Dogecoin Transaction Volume and Whale Transaction Count over the last few months:

Dogecoin Volume And Whale Activity

As displayed in the above graph, both the Dogecoin Transaction Volume and Whale Transaction Count have recently seen a drawdown towards relatively low levels. This would imply that interest in the asset from both the whales and retail investors may have waned in the memecoin.

Generally, when buying and selling activity is high, DOGE is likelier to display some volatility. The chart shows that the volatile moves the coin has observed recently all saw the metrics register spikes.

Since Dogecoin isn’t observing that many transactions at the moment, it’s possible that the cryptocurrency’s price will continue to range in the coming days.

Any ignitions in the indicators can be to look out for, however, as they may be a predictor for a sharp move in the price. As these metrics only track whether trading activity is occurring rather than if buying or selling is taking place, any volatility arising from these spikes can take the price in either direction.

DOGE Price

While Bitcoin and other top digital assets have enjoyed profits recently, Dogecoin has slumped sideways, with returns standing utterly flat in the past week.

Currently, DOGE is trading around the $0.08 level, as the chart below shows.

Dogecoin Price Chart

Due to Dogecoin’s recent poor performance, it lost its spot in the top 10 cryptocurrencies by market cap list to Chainlink (LINK). If the coin’s struggle continues, it might slip further down the list, as Tron (TRX) is lurking just behind the asset now.

Dogecoin Market Cap

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Dogecoin Whales Are On The Move: A Worrying Sign?

On-chain data shows the Dogecoin whales have made some big moves in the past day, a sign that could be worrying for the asset’s price.

Dogecoin Whales Have Made Many Moves During The Last 24 Hours

According to data from the cryptocurrency transaction tracker Whale Alert, a few large DOGE moves have been spotted on the blockchain during the past 24 hours.

All four of these transfers are on the scale of millions in USD, suggesting that whale entities may have been behind them. The whales refer to the largest investors in the sector, who can hold some influence due to the size of their holdings.

Because of this reason, transfers from this cohort can be something to keep an eye on. How a whale moves could affect the market depends on what the whale intends to achieve with it.

Generally, it’s hard to say with certainty about such a motive, but depending on the types of wallets involved and the direction of the coins’ flow, some hints can be gathered.

The two oldest transfers from the past day involved the movement of $5.1 million and $7.5 million worth of Dogecoin to the Robinhood platform. Below are the details for the older of the two transactions.

Dogecoin Whale

As is visible, an unknown wallet was the sender of the transaction. Such wallets are unattached to any known centralized platform and will likely be investors’ self-custodial addresses.

When an investor shifts their coins from their wallets to exchanges, there is always a possibility the move has been made for selling purposes. As such, this deposit from the whale could be bearish for DOGE. The same would go for the other Robinhood deposit from the past day.

Besides these two deposits, there has been one more exchange inflow transaction in this same window to the cryptocurrency exchange Coinbase.

Dogecoin Coinbase

This $5.9 million deposit comes after Dogecoin recovered from its recent lows, so the whale may be looking to sell while some gains remain.

The final transaction from the last 24 hours is the largest of the four, as it has seen DOGE worth a whopping $41.5 million shift across the network. However, this transfer is unremarkable because only unknown addresses have been involved in it.

It’s hard to say what this transaction was made for, as it could be anything from a peer-to-peer (P2P) transfer to a simple change of wallets. Thus, unlike the other exchange deposits, this transfer could end up causing volatility in any direction, or it may not even have any influence.

DOGE Price

Dogecoin had recently plunged towards the $0.087 level but has since recovered above the $0.091 mark.

Dogecoin Price Chart

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Big Money Returns To Dogecoin: Rally To $0.2 Already Programmed?

Dogecoin is trading in the green today, which is a reflection of what on-chain data suggests maybe whales looking to propel the crypto to a rally. Recent on-chain data shows that institutional money might be returning to the meme token, as evident by the number of Dogecoin wallets holding large amounts of DOGE tokens. 

Institutional Interest In Dogecoin

Data from the crypto analytics platform IntoTheBlock has reiterated the current bullish sentiment among Dogecoin whales. According to its large transaction metric, the number of DOGE transactions worth $100,000 or more has been on a run since the middle of last month and resumed a spike in the past week. 

IntoTheBlock puts the number of transactions worth $100,000 at 1,300 in the past 24 hours and a 7-day high of 1,770. This notable increase indicates a growing interest in DOGE from institutional players and large-scale investors, which brings more stability and less volatility.

This large transaction volume has been going on for a while, as an earlier report noted large holders added more than $2 billion into DOGE throughout October and the first week of November. 

Crypto Analyst Ali Martinez also shared a similar sentiment for the translation of the metric’s data on social media. According to him, the number of huge DOGE transactions has consistently set new highs this month, which might suggest an increased interest in DOGE from institutional players. 

Is A Spike Imminent? DOGE To $0.2?

Large transactions are something to keep an eye on, as they might indicate a significant price spike if they are buy-ins. Similarly, on-chain analytics platform Santiment recently shared an insight into what might be another catalyst for the price of DOGE.

Santiment reported that the number of Dogecoin wallets holding over 1 million DOGE has spiked, as 121 new wallets were created in the past month. At the same time, the crypto recently had the largest spike in dormant DOGE activity in June, as massive amounts of older DOGE moved out of stagnant wallets. While this may be a sign of a selloff, Santiment pointed out that this move often signaled a positive momentum.

Despite all the whale buy-ins and large transactions since October, DOGE has struggled to post high gains compared to other altcoins. The crypto is down by 7.8% in the past week, although a 2.17% increase in the past 24 hours shows momentum might be building. A price surge to $0.2 is still in the books for DOGE, and all it needs is a major catalyst. The first hurdle to break would be a strong footing above $0.08. 

DOGE is trading at $0.0776 at the time of writing. IntoTheBlock puts the number of addresses still waiting for a profit at 557,560. On the other hand, a drop below $0.6 could cast doubt on the weak optimistic outlook.

According to crypto analyst Alan Santana, this is poised to change soon, as Dogecoin could break out in the next six months.

Dogecoin price chart from Tradingview.com

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Dogecoin Metrics Signal Impending Breakout, How High Can The Price Go?

Dogecoin is definitely on a rally as shown by crypto market numbers. The cryptocurrency has experienced a significant market increase amidst a wider consolidation, with the price up by 7.46% in the past seven days. 

Although the price of DOGE was recently pushed back down today by some level of resistance near $0.087, it has since bounced back up again at $0.082. At the time of writing, DOGE is trading at $0.084, an increase of 2.4% from this support level. This indicates that the bulls are not ready to give up buying momentum. 

According to a recent post by crypto analyst Rekt Capital on social media, DOGE has finally confirmed a break out of a descending channel pattern. On-chain signals also point to a huge surge in interest and trading volume, indicating DOGE might be going higher soon.

Metrics Signal Impending Breakout

The current state of the cryptocurrency market appears to be one of general consolidation when viewed through the lens of the price action of the many different cryptocurrencies that are tracked by Coinmarketcap. 

Crypto market caps seem to be running out of steam after a four-week consecutive rally. However, Dogecoin’s market value has been increasing over the past week, bucking the trend of most other cryptocurrencies in the top 10 by market size, which has all shown a decline in their market caps over the past week. 

Dogecoin

Dogecoin has finally broken out of its narrow trading range in the weekly candle chart, surging over 45% in the past month. Several catalysts have contributed to this impending breakout, one of which is an increased trading activity. Another catalyst is the announcement of Astrobotic’s plan to send a physical Dogecoin token to the moon in December.

Whale movements have also contributed for the most part. According to on-chain data from crypto analytics platform Santiment, the cumulative balance of wallets holding 10 million to 1 billion DOGE has increased from 44.63 billion DOGE tokens on November 1 to a cumulative balance of 47.38 billion DOGE tokens on November 17th. As a result, these large holders have increased their holdings by 2.75 billion DOGE, worth approximately $231 million at the crypto’s current price.

DOGE price

How High Can The Dogecoin Price Go?

The technical indicators for Dogecoin are looking quite bullish right now. The short 10-day Moving Average has climbed steadily above the longer 21-day Moving Average since a bullish cross on October 23 last month, indicating the bulls still have major control over the market. A continued bullish momentum could see the crypto break various price resistances, the first being the $0.87 level.

Doge is trading at $0.08440 at the time of writing. The next hurdle is to break above $0.09 and then move towards $0.1. According to IntoTheBlock’s Global In/Out Of The Money metric, about 1.58 million addresses are still waiting for DOGE to climb above their minimum buying price of $0.858 before making a profit.

Dogecoin price chart from Tradingview.com

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Prepare For Take-Off: Dogecoin Whales Have Injected $2 Billion Into DOGE

Dogecoin finally broke over $0.76 in the last 24 hours after a week of range trading and has emerged as a formidable performer in the past month. The crypto has seen gains of 25.9% in a 30-day timeframe, but the rally may be far from over.

DOGE whales have been working tirelessly behind the scenes to put the meme coin on the map, increasing their holdings by a substantial amount in the past month. On-chain data has revealed that large DOGE addresses have added more than $2 billion in DOGE in an effort to drive the crypto towards the $0.1 level.

Dogecoin Whales Inject $2 Billion Into DOGE In 30 Days

Data from the crypto analytics platform IntoTheBlock has reiterated the current bullish sentiment among Dogecoin whales. According to its Balance By Holdings metric, the balance of addresses holding between $100,000 to $1 million worth of DOGE has increased by 24.31% in the past 30 days.

Likewise, addresses holding between $1 million to $10 million increased by 27.43%, and addresses holding more than $10 million worth of DOGE increased by 29.28%. 

A closer look into this metric’s chart shows that the collective holdings of these addresses holding at least $100,000 worth of DOGE increased from $7.37 billion on October 7 to $9.469 billion on November 9. This implies that the crypto’s whales have acquired an additional $2.099 billion in DOGE within the past month.

Dogecoin 1
Source: IntoTheBlock

For regular investors, this whale activity is a bullish signal for DOGE’s price trajectory, as whale accumulation is still ongoing. IntoTheBlock’s data has also revealed these addresses holding at least $100,000 worth of DOGE have acquired $119 million in DOGE in the past 24 hours alone. 

IntoTheBlock’s Order Books metrics reveal an interesting imbalance between the supply and demand for DOGE. At the time of writing, buyers have placed buy orders of 902 million DOGE on various crypto exchanges. Meanwhile, sellers have only put up 876 million DOGE for sale.

Dogecoin 2Source: IntoTheBlock

Will DOGE Return To $0.1?

The current shift towards higher demand and the current accumulation of whales speaks volumes of the current sentiment around Dogecoin and the massive injection of capital into Dogecoin could significantly impact its price. 

Crypto analyst Ali Martinez pointed out on X that DOGE’s crucial support wall at the $0.072 to $0.073 price point outstrips the resistance in strength. According to Martinez, a breakout over $0.76 puts the next significant hurdle at $0.084. 

At the time of writing, the bulls have pushed DOGE by 4.28% in the past 24 hours, and the crypto is now trading at $0.07686. Continued buying pressure from the whales and retail traders could push DOGE back up to $0.1, which we haven’t seen since June.

Dogecoin price chart from Tradingview.com

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Dogecoin, Shiba Inu Whales Move Massive Amounts, Dumping Going On?

Data shows the Dogecoin and Shiba Inu whales have moved around massive of coins amounts today, a sign that dumping may be going on.

Dogecoin And Shiba Inu Whales Have Transferred Huge Amounts

According to data from the cryptocurrency transaction tracker service Whale Alert, several large SHIB and DOGE transactions have occurred during the last 24 hours.

The first transfers that took place were those involving Dogecoin. In total, there were five such massive transactions, and interestingly, all of them saw the movement of the same amount of tokens: 680,000,000 DOGE.

As this amount is quite large (the exact USD cost differs between the transactions, but it was still similar nonetheless; the transfers were worth just under $49 million each), it seems reasonable to assume that some sort of whale entities were behind the moves.

Considering that the transfers all involved the same amount of DOGE and the fact that they all took place within a span of just 20 mins, a logical possibility arises: the transactions were made by the same whale investor.

The full details of the Dogecoin transactions also confirm this; the sending and receiving addresses match up between the five transactions. This means that this single whale moved around $244.7 million worth of DOGE in such a short span of time.

What did this humongous holder intend to do with this transfer? Well, below are the details regarding the first of these transactions, which may help shed some light on the context surrounding these transfers.

Dogecoin Whale

As you can see above, the sending address here was an unknown wallet, meaning that it was unattached to any known centralized platform. Such addresses are generally investors’ personal wallets.

The receiver, too, was an unknown address in this case. Generally, if investors want to sell, they deposit their coins to platforms like exchanges. In this case, however, the whale hasn’t done so, so it’s hard to say what the exact purpose behind the transactions may have been.

It’s possible that they were simply done with the intent of moving to a fresh wallet, but it’s also possible that they were made to sell through over-the-counter (OTC) deals. Naturally, if the latter case is true, the price would feel a bearish effect.

Interestingly, the Shiba Inu whale transactions from the past day have a similar story; they also seem to have been made by a single investor. In total, the holder moved 20,000,000,000,000 SHIB (about $174.4 million) across four transactions between unknown wallets.

Shiba Inu Whale

These Shiba Inu transactions also occurred right after the Dogecoin transfers were finished. It’s uncertain currently, but the similar pattern and the close timing may suggest that these transactions involving the two largest meme coins in the sector may have been linked.

The assets have been struggling recently so it’s possible that these whales have given up on them and have decided to sell. Naturally, if these transfers really have been made for dumping purposes, the prices of the meme coins may see a further decline.

DOGE Price

At the time of writing, Dogecoin is trading around $0.0729, up 1% in the last week.

Dogecoin Price Chart

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Dogecoin (DOGE) On Top Of Whales Menu – Here’s Why

There has been a massive sell-off in the cryptocurrency market, and during this period, whales have been focusing on Dogecoin (DOGE) and the general negative attitude in the cryptocurrency industry.

There was a 5.34 percent increase in the number of addresses owning between 100 million and 1 billion DOGE, as revealed by @bull bnb.

For Dogecoin, the percentage of wallets with between 100 million and one billion Dogecoin has grown by 5.13 percent in the last week. About six additional whales have joined the network, bringing in an additional 620 million DOGE.

In light of this, @bull bnb recently tweeted, “I’m about to scoop a fresh brand new bag of #DOGE.”

Recent whale activity has come as a huge surprise to DOGE holders and investors. What, then, compelled the whales to seek out DOGE?

Is This The Time To Purchase The dip?

As you may be aware, the present market climate is extremely negative for cryptocurrencies. Fear sparked by the CPI report’s release and the U.S. Federal Reserve’s interest rate hike triggered a widespread selling off in the stock and cryptocurrency markets.

The USD followed this decline. At the time of publication, the memecoin has fallen 9.94 percent from its September 12 peak. Even if DOGE showed signals of bullishness, it was not enough to prevent a 9.56 percent decline on September 18.

This decline may have prompted whales to seek accumulation rather than selling their DOGE supply. Now that whale activity has increased, what does this signify for DOGE?

Dogecoin Bullish Behavior 

DOGE’s bullishness came as a surprise as the cryptocurrency market continues to decline, particularly Bitcoin and Ethereum.

This increase in price can be ascribed to the whales’ recent buying binge in DOGE. A As at the time of writing, DOGE was trading at $0.066041, up 9.4% in the last seven days, data from Coingecko show.

This implies that the memecoin is leading the crypto market, giving the entire crypto market hope that respite is on the horizon. But investors and traders must ask whether this is really a flash in the pan or a persistent bull trend.

As of the time of writing, the token’s resistance level was tested at the 0% Fib level. This was answered with a lengthy wick of rejection, followed by a red candle. This could be the beginning of a short corrective period for DOGE, which will result in a slight price decline.

In the coming days, we can anticipate receiving additional information.

DOGE total market cap at $8.7 billion on the daily chart | Source: TradingView.com

Featured image from Cryptory, Chart: TradingView.com