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Currently Dogecoin (DOGE) has increased demand from large investors, also known as whales. They accumulate the meme base, as analysis shows. The trend comes after the crypto market turned bullish and Elon Musk wore a Dogecoin fan shirt to the Super Bowl.
Analyst Ali Martinez is confident on Twitter: Dogecoin is now ready to break out after DOGE whales bought more than 1.06 billion DOGE worth about $94.34 million in the last 48 hours. The data comes from data provider Santiment.
The chart below shows that the population of all whales (all owners with 100 million to 1 billion DOGE) has increased from 26.27 billion to 27.33 billion DOGE in the last 24 hours. This shows a strong upward trend.
In general, the chart also shows that DOGE is back on the whales’ shopping list since the beginning of the year. At the end of December 2022, the total size of whale stocks was still less than 24.5 billion DOGE.
The analysis suggests that the social sentiment around Dogecoin is also at its best since October 2022. According to Santiment data, DOGE exploded by 160%. There has been a huge increase in social numbers and laden sentiment over the past few days.
Dogecoin: A whale attracts attention
Meanwhile, Blockchain monitoring service Lookonchain found that Dogecoin whale recently collected 450 million DOGE worth $39.41 million in two transactions, rising to 20th place on the list of largest DOGE holders. The purchase of DOGE appears to have been made through Crypto.com as the coins were shipped from the Crypto.com wallet.
— Lookonchain (@lookonchain) February 16, 2023
The first of the two transactions happened back on Wednesday when the whale bought 200 million DOGE worth $19.92 million at a price of $0.085. The second transaction happened yesterday Thursday when the whale DOGE received 250 million DOGE worth $22.25 million at a cost of $0.089 from a wallet linked to the Singapore-based Crypto.com exchange.
After the last transaction, the address’s account balance increased to 709.28 million DOGE. That equates to a value of $62.7 million. This makes the address the 20th largest Dogecoin holder at the time of publication. The anonymous whale now owns 0.5132% of all Dogecoins.
Like Lookonchain though reported, other Dogecoin whales could use current prices to sell some of their holdings. The monitoring service writes:
“A wallet that has been inactive for almost two years moved 326.4M DOGE ($28M) to a new address ~30 minutes ago. Will something happen to Dogecoin?”
At press time, DOGE is trading at $0.0865, and the price is bound to range again between $0.0928 and $0.0793. A break out of this range would be critical to build bullish momentum and target the December 5 high of $0.1118.
Should you buy Dogecoin now?
You can buy Dogecoin now — or alternatively, check out Tamadoge (TAMA), an emerging meme coin with predicted utility that offers a better risk-reward tradeoff. Tamadoge Objective: Play to Earn. Thus, users are rewarded in the form of cryptocurrency for playing the games of the platform – such as SuperDoge or RocketDoge, the latest release of the project.
📣The wait is OVER – Time to ROCKET and ROLL 🎸🤘
Play now!🎮🔽https://t.co/Jxcp6nomdM pic.twitter.com/GyqXWsCcQX
— TAMADOGE (@Tamadogecoin) February 8, 2023
Text credit: Newsbtc
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