- Dogecoin’s recent price increase may be attributed to large holders accumulating millions of DOGE.
- Despite its recent negative price trend, large holders continue to accumulate more of the memecoin.
- Analysis of large Dogecoin addresses reveals a recent uptick in accumulation.
Despite Dogecoin’s recent negative price trend, large holders continue to accumulate more of the memecoin, potentially influencing its price movement.
Large Dogecoin addresses accumulate tokens
AMBCrypto’s analysis of large Dogecoin addresses revealed a recent uptick in accumulation. Addresses holding between 100 million to 1 billion DOGE have seen a slight increase, reaching over 21% and maintaining that level. This uptrend in accumulation suggests that a growing number of addresses are acquiring significant amounts of DOGE, despite the cryptocurrency’s recent lackluster price performance.
Netflow shows high large holders’ activities
As of the 7th of May, the Large Holders Netflow for Dogecoin stood at approximately 265.86 million DOGE, equivalent to roughly $41.2 million. This figure marked a notable spike following a previous Netflow drop to -342 million DOGE. However, at the time of this writing, the DOGE Netflow had decreased to around 49.3 million DOGE, signaling a decline.
Total number of holders remains steady
Analysis of the total number of Dogecoin holders indicated a stable trend over the past few months. Examination of the chart on Santiment revealed that the number has consistently hovered between 6.64 million and 6.63 million. This stability suggests that while there may be movements among large holders, the overall number of holders remains unchanged.
DOGE remains bearish
The recent movement of whales could have influenced the price trend of Dogecoin. As of press time, Dogecoin was trading at around $0.144, reflecting an increase of over 1% in price. Before this uptick, DOGE experienced three consecutive days of downtrends, leading to a decline from $0.15 to $0.14. However, to shift from its current bearish trend, DOGE would require sustained upward movements.
Conclusion
Despite Dogecoin’s recent negative price trend, large holders continue to accumulate more of the memecoin, potentially influencing its price movement. However, to shift from its current bearish trend, DOGE would require sustained upward movements.
