Dogecoin (DOGE) is currently seeing an increased demand from large investors aka whales who are accumulating the meme coin, according to various analyses. The trend comes after the crypto market turned bullish and Elon Musk wore a Dogecoin fan shirt at the Super Bowl.
Analyst Ali Martinez wrote via Twitter that Dogecoin is ready to breakout after DOGE whales bought over 1.06 billion DOGE in the last 48 hours, worth about $94.34 million. The data comes from data provider Santiment.
The chart below shows that the holdings of all whales – all holders with 100 million to 1 billion DOGE) – have grown from 26.27 billion to 27.33 billion DOGE within the last 24 hours, showing a strong upward trend.
In general, the chart also reveals that DOGE has been back on the shopping list for whales since the beginning of the year. At the end of December 2022, the total amount of whale holdings was still below 24.5 billion DOGE.
As the analyst points out, social sentiment around Dogecoin is also as positive as it has been since October 2022, when DOGE surged 160%, Santiment data shows. Both social volume and weighted sentiment have risen massively within the last few days.
One Dogecoin Whale Draws Attention
Blockchain monitoring service Lookonchain, meanwhile, has noted that a Dogecoin whale recently amassed 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 on Crypto.com, as assets were sent from a Crypto.com wallet.
The first of the two transactions occurred back on Wednesday, when the DOGE whale bought 200 million DOGE worth $19.92 million at a price of $0.085. The second transaction took place yesterday, Thursday, when the DOGE whale received 250 million DOGE worth $22.25 million at a price of $0.089 from a wallet affiliated with Singapore-based exchange Crypto.com.
After the latest transaction, the account balance of the address has increased to 709.28 million DOGE, which is worth $62.7 million. This makes the address the 20th largest Dogecoin holder at press time. The anonymous whale now owns 0.5132% of all Dogecoin.
However, as Lookonchain reports, other Dogecoin whales could potentially use the current prices to sell a portion of their stack. The monitoring service writes today:
A wallet that had been dormant for almost 2 years transferred 326.4M DOGE ($28M) to a new address ~30 mins ago. Will anything happen to Dogecoin?
At press time, DOGE traded at $0.0865, with the price now back in the range between $0.0928 and $0.0793. A breakout from this range would be crucial to build bullish momentum and target the December 5 high at $0.1118.