DOGE Whales On Accumulation Spree Amid Negative Sentiment, Here’s Why
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.
Negative Sentiment Around DOGE
Thanks to the recent dip in crypto prices, there exists major negativity from the trading community. According to Santiment Insights, cryptocurrencies like DOGE are showing high FUD levels. This could mean there could be possibility of further price reduction in future if the FUD continues. “The majority of crypto assets are seeing major negativity from the trading community right now. But keep your eye on $BTC, $BNB, $DOGE, and $LINK. These top caps are showing particularly high levels of #FUD that can lead to eventual breakouts.”
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?