Compass Investments

$DOGE

Dogecoin whales took advantage of the drop: $ 1 billion DOGE

- Addresses or investors are categorized into these groups based on the volume of tokens held in their wallets. For example, the 1 to 10 coin category includes all holders with 1 to 10 DOGE.

Within this topic, the cohort of whales is of most interest. These investors are generally identified as holding more than 1 billion #DOGE , with no upper threshold. At current quotes, the cutoff for this group is approximately $ 200 million.

Given the sheer volume of assets, whales can have a significant impact on the market. Therefore, their activity in the #blockchain should be closely monitored.

Below is a graph provided by an analyst that illustrates the distribution of #Dogecoin supply among whales in recent months:

As the graph above shows, Dogecoin investors holding more than 1 billion DOGE saw their supply share decline towards the end of July, indicating the exit of large players from the market. The ensuing sell-off reinforced the bearish trend of the asset's price.

However, the whale's mood seems to have changed over the past 24 hours, as the indicator's value rose sharply.

Whales have purchased over a billion Dogecoin $DOGE in the last 24 hours! notes Martinez. Given the timing of the purchases, it's likely that these large investors see the current lows as an attractive entry point for memcoin. However, it's too early to tell if this strategy will prove profitable for the whales.

Among other things, the #Pepe memcoin (PEPE) has also recently shown a bullish move, as noted by an analyst in another X post.

The chart shows that the daily price of Pepe has formed a consecutive Tom Demark (TD) settap with nine red candles. This pattern is usually considered as a buy signal.

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