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Coinfomania

03/29/2024

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Dogecoin Whales Splash $280M on DOGE in Two Weeks

DOGE’s latest surge is partly owed to whales’ big buy of about $280 million in DOGE within the past two weeks. The leading memecoin project Dogecoin has been recording a massive surge in recent weeks. With...

Dogecoin Whales Splash $280M on DOGE in Two Weeks

DOGE’s latest surge is partly owed to whales’ big buy of about $280 million in DOGE within the past two weeks.

The leading memecoin project Dogecoin has been recording a massive surge in recent weeks. With its high market cap, growing price, and trading volume, the memecoin solidifies its leading position among other memecoins.

On-chain data from Santiment, shared by renowned blockchain analyst Ali Martinez, revealed Dogecoin whales have splashed around $280 million to accumulate 1.4 billion DOGE tokens over the past two weeks.

Dogecoin’s Recent Performance

The latest big buy from several whales indicates an increased interest in the leading memecoin. Interestingly, the week these investors channelled more attention to Dogecoin fell on the same week that tech billionaire Elon Musk reechoed his support for Dogecoin over prominent crypto assets like Bitcoin.

Earlier this month, Musk classified DOGE as “the people’s crypto,” emphasizing that the token was readily available to normal people, unlike BTC which is accessible to rich people. Musk’s continued engagement with the dog-themed memecoin project has earned him the title – Doge Father.

Dogecoin’s market capitalization saw a significant surge shortly after it garnered increased attention. With a current market cap above $31 billion, DOGE has flipped Cardano (ADA) to become the 9th largest cryptocurrency.

In an earlier Coinfomania report, Ali Martinez shared a bullish Dogecoin chart suggesting a “parabolic breakout” for the token around April.

Despite starting as a meme, Dogecoin has become one of the most successful crypto projects. The memecoin is now on the futures market on crypto exchanges like Coinbase, indicating more utility.

DOGE Reclaims $0.2

DOGE saw an all-time high of $0.73 in May 2021. Since then, the token has seen a substantial downtrend. However, with the current price surge, the token trades at $0.217, representing a 40% jump over the past week alone.

Since several whales accumulated the token at this price level, the price range might likely enable a support level for the currency. Therefore, it becomes somewhat difficult for DOGE to take a severe price tumble below its current price range.

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