According to a crypto analyst, whales have decided to mobilize and accumulate an impressive amount of Dogecoin (DOGE), which is a recent and rather exciting event in the world of cryptocurrencies. The unexpected acquisition, which took place over 72 hours, involved 700 million DOGE, or roughly $112 million.
A cryptocurrency analyst named Ali Martinez, with over subscribers on the X social network, notes that the amount of Dogecoin purchased has significantly increased. Santiment, an analytics platform, provides this information. Notably, Martinez’s observations come at a time when sentiment towards Dogecoin has regressed to some of its lowest levels since 2024 and is in a pre-bull run state.
In fact, he said that “market sentiment for Dogecoin is still the same as early February, when it went up by 200%!” This statement refers to the period when Dogecoin’s price rose from $0.077 on February 1st to $0.228 on March 28th. At present, the price of DOGE stands at $0.0159.
Market sentiment for #Dogecoin is as bearish as it was in early February, just before #DOGE skyrocketed by 200%! pic.twitter.com/dxbnb5jECQ
— Ali (@ali_charts) May 31, 2024
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The strategic moves by these crypto whales could be indicative of a broader sentiment shift or a speculative play based on the coin’s historical volatility and community-driven rallies. Smaller investors often become speculatively interested in whale movements, hoping to capitalize on the momentum these large stakeholders create.
Besides the volatility of Dogecoin, Martinez also shared his views on another famous meme stock, Shiba Inu (SHIB). He revealed that there has been a massive movement of SHIB tokens to crypto exchanges, with over four trillion tokens in the last two weeks valued at approximately $103 million. This could mean several tactical moves on this subject, including potential sales or preparing for increased visibility on trading platforms.
Furthermore, the analyst noticed a slight shift in the Ethereum market. In a recent report, Martinez indicated that active addresses holding more than 10,000 ETH have increased, as has the current buyer pool. This development indicates that significant Ethereum holders are currently purchasing additional shares to maintain their positions, potentially in anticipation of a price increase or as a long-term investment strategy.
Recent advancements in different spheres of the cryptocurrency market are a vivid example of how active and developing this digital world is. These market makers, also known as whales, may place large orders that cause short-term price rises or volatility, but their actions clearly demonstrate their influence on the market’s direction.
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For professionals and those who invest in cryptocurrencies, the continued behavior of significant actors—large investors, or “whales”—will remain an essential trend in the context of the further evolution of digital currencies. These actions can provide insights into potential market trends and may demonstrate the level of confidence in various virtual currencies.
