Dogecoin

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<p>Dogecoin holders are accumulating DOGE tokens amidst the recent price dip from $0.1686 to $0.1423. DOGE recently <a href="https://bitcoinist.com/dogecoin-long-term-bullish-rally/">went on a price surge</a> to cross above the $0.168 price level on May 6 to push 5.21 million <a href="https://bitcoinist.com/dogecoin-holders-profit-shiba-inu/">addresses into profitability</a>. However, the cryptocurrency reversed and went on a little correction throughout May 7. According to on-chain data from Santiment, large DOGE holders capitalized on this drop and added around 265.86 million DOGE tokens to their wallets.&nbsp;</p> 
<h2 id="whales-accumulating-doge">Whales Accumulating DOGE</h2> 
<p>According to <a href="https://ambcrypto.com/dogecoin-holders-up-their-stake-by-1-265-86m-reasons-to-buy-doge/" rel="nofollow noopener" target="_blank">data</a> from Santiment, an on-chain analytics platform, DOGE addresses holding between 100 million to 1 billion DOGE recently saw their cumulative holdings increase by 1% on May 7 to reach 21% of the total supply. Interestingly, the number of tokens held by this cohort of traders increased by 265.86 million DOGE, worth approximately $41.2 million. This increase, when compared to their holdings a day before, indicated a notable change from a previous 342 million DOGE outflow from large holders.&nbsp;</p> 
<p>Recent on-chain data suggests that this <a href="https://www.newsbtc.com/news/wells-notice-wallop-robinhood-bleeds-164-million-dogecoin-in-mass-exodus/" rel="nofollow noopener" target="_blank">accumulation</a> from exchanges is still ongoing. Interestingly, data from Whale Alerts indicated <a href="https://x.com/whale_alert/status/1788677000481087943?s=46" rel="nofollow" target="_blank">an example of</a> an accumulation of 120 million DOGE tokens worth $18 million from crypto exchange Robinhood in the last few hours. This continued accumulation suggests that a few whales are still in bullish sentiment for DOGE and are positioning themselves for when their bullish outlook eventually materializes.&nbsp;</p> 
<p style="text-align: center;"><img loading="lazy" decoding="async" class="alignnone  wp-image-299239 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/05/Dogecoin_05d146.png?w=512&amp;resize=660%2C223" alt="Dogecoin" width="660" height="223" data-recalc-dims="1"></p> 
<h2 id="why-does-this-matter-for-dogecoin">Why Does This Matter For Dogecoin?</h2> 
<p>Whale movement and sentiment are essential for any cryptocurrency, particularly for a meme token like Dogecoin, whose value is mostly driven by hype and market sentiment and not by a demand for its utility. These whales typically move the market, and an accumulation or selloff from a few large traders could change the sentiment of other investors.&nbsp;</p> 
<p>At the time of writing, DOGE is trading at $0.1516. The price correction between May 6 and May 9 seems to have ended after bouncing off at the $0.143 level. Currently, DOGE is up by 3% in the past 24 hours and 14% in the past seven days. Consequently, this shows that the accumulation may have contributed to a bullish effect on the price of DOGE.</p> 
<p>On a larger timeframe, the $0.143 price level is a strong support level for DOGE. The recent bounce could be a starting point for the next leg up to new highs this month. A continued accumulation from the bulls could send the price of Dogecoin across resistances at $0.16 and $0.20. This, in turn, could lead to DOGE <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-descending-triangle/" rel="nofollow noopener" target="_blank">finally pumping above</a> its current all-time high and eventually reaching $1. For this to happen, many bullish factors apart from accumulation need to be put in place. On the other hand, a bearish reversal could see DOGE falling to the next support at $0.13.&nbsp;</p> 
<p>According to Santiment, most of the <a href="https://x.com/santimentfeed/status/1788707415694934088?s=46" rel="nofollow" target="_blank">attention surrounding meme coins</a> is going into TRUMP, TURBO, PONKE, and MYRO.</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/DdVMirOT/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1576"></p>

Dogecoin Whales Shake The Market With 265 Million DOGE Buy, Can They Send It To $1?

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Bitcoinist

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