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On-chain data shows Dogecoin whales have gone on a buying spree over the last few days, scooping up 470 million tokens of the memecoin.
Dogecoin Has Seen A Rally Back Above $0.10
The cryptocurrency sector has kicked off the new week with a surge and Dogecoin has been no exception as the memecoin has reclaimed the $0.10 level after climbing up by more than 5% over the last 24 hours.
The below chart shows how the asset’s recent performance has looked.
As is visible in the graph, Dogecoin made a bullish attempt at the end of last week as well, but back then, momentum quickly ran out and the coin returned to lower levels. The latest gains have stood for longer than the last attempt, but it only remains to be seen how long they will last.
In terms of weekly returns, DOGE is in a profit of nearly 10%, which is better than some of its peers, but worse than others.
The memecoin is currently ranked ninth on the market cap list | Source: CoinMarketCap
The new price surge has arrived for the asset as whales have been showing accumulation behavior behind the scenes.
DOGE Whales Have Been Accumulating Recently
As highlighted by analyst Ali Martinez in an X post, Dogecoin whales have increased their holdings recently. “Whales” refer to the big-money investors of the cryptocurrency who hold large sums in their wallets, giving them some degree of influence in the market.
Moves from this cohort may sometimes affect the asset, but even when they don’t, they can still worth be monitoring as they contain information about the sentiment among the large traders.
Now, here is the chart shared by Martinez that shows the trend in the holdings of the Dogecoin whales over the last few days:
As displayed in the above graph, the Dogecoin whales have participated in net accumulation over the past few days. In total, these large investors have added 470 million tokens of the memecoin to their holdings inside this window. Considering the timing of these buys, it’s possible that the latest price recovery made by the coin could be supported by the whale accumulation.
Whale buying hasn’t been the only on-chain development for DOGE recently. As the analyst has pointed out in another X post, the network has also seen a surge in Active Addresses, an indicator tracking the daily number of addresses taking part in transactions on the blockchain.
“Dogecoin $DOGE active addresses jumped 176% in the past week, climbing from 41,557 to 114,662,” noted Martinez. An increase in this metric is typically a sign of increased engagement from network users.
