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Whale Serok Rp1,82 Triliun Dogecoin di Tengah Sentimen Bearish

Release: 2024/06/03 12:38 Reading: 738

Original author:blockchainmedia.id

Original source:https://coinmarketcap.com/community/articles/665d45796c061012c14a48ae

Massive Whale Accumulation Propels Dogecoin into Limelight

In a surprising turn of events that has sent ripples through the crypto community, high-value investors, colloquially known as whales, have amassed billions of dollars' worth of Dogecoin (DOGE) over the past few days. This accumulation has coincided with Dogecoin's market sentiment reaching a low point in 2024.

Whales' Substantial Dogecoin Buildup

Renowned crypto analyst Ali Martinez shared this development with his 63,100 followers on platform X. As per Martinez's findings, whales have acquired 700 million DOGE, equivalent to around $112 million, within a 72-hour time frame.

Data sourced from the analytics platform Santiment highlights the significant surge in Dogecoin holdings among these large-scale investors.

Martinez noted that this accumulation occurred during a period of extreme bearishness for Dogecoin, akin to the sentiment witnessed earlier this year.

"Dogecoin market sentiment is as bad as it was in early February, just before DOGE rallied 200 percent!" he stated, as reported by Dailyhodl.

This historical context suggests that previous periods of negative sentiment have preceded substantial price rallies for Dogecoin.

In February, Dogecoin experienced a meteoric rise, surging from $0.077 at the beginning of the month to $0.228 on March 28th. At the time of writing, Dogecoin is trading at $0.159, reflecting the cryptocurrency's volatile nature and potential for significant price movements.

Dogecoin, Shiba Inu, and Ethereum Comparatives

Martinez also provided insights into the movements of Dogecoin's rival, Shiba Inu (SHIB), and the prominent smart contract platform, Ethereum (ETH). He revealed that major exchanges have witnessed a sizable influx of SHIB tokens in recent weeks.

"... over four trillion SHIB have been sent to exchanges in the last two weeks, equal to roughly $103 million!" he added.

This surge indicates that SHIB holders may be preparing to sell or reposition their holdings in response to shifting market conditions.

As for Ethereum, Martinez observed an increase in the number of large whale wallets. These wallets, which hold significant amounts of ETH, suggest that high-value investors are either accumulating or maintaining their positions in anticipation of future gains.

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