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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Whales Buy 1.06 Billion DOGE, Price Ready For Breakout?

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Dogecoin DOGE

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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.

dogecoin whales
Whales buying DOGE | Source: Twitter @ali_charts

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.

Dogecoin sentiment
Dogecoin sentiment turning positive | Source: Twitter @ali_charts

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.

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Dogecoin Whale Moves $100 Million From Unknown Wallet In 3 Different Transactions

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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.

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63% Of Dogecoin Holders Are Making Money

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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.

Dogecoin DOGE USD
Dogecoin price remains flat | Source: DOGEUSD on TradingView.com
Featured image from Kanchanara / Unsplash, Chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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