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While several cryptocurrencies have lost value over the past few days, memecoin DOGE took a significant price jump. Even Dogecoin’s (DOGE) rival SHIB has lost nearly 6% over the past one week. In parallel with DOGE price rise, the high net worth investors have actually increased their positions in recent times. On the other side, there is high negative sentiment among DOGE traders, similar to Bitcoin investors. This clearly shows a divergence in investor sentiment among DOGE whales who choose accumulation compared with small time traders.
DOGE Price Rally Led By Whales Accumulation?
When looked at the DOGE buying pattern in the last few months, there is a clear jump in whales accumulation. According to data from Bull BNB on Twitter, the number of whales with 100 million to 1 billion tokens rose significantly. There was also a spike in the number of big whales, in the last three months. Interestingly, the DOGE price was on a downward curve over the period with the exception of a massive spike in August.
“The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M DOGE.”
As of writing, Dogecoin (DOGE) price stands at $0.06178, up 4.54% in the last 24 hours, according to price tracking platform CoinMarketCap. The memecoin is currently ranked 10 based on total market cap whereas Shiba Inu ranks 14.
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