Amid a growing market across most cryptocurrencies, Dogecoin Whales are further buying into the hype by investing more in DOGE. Large Dogecoin holders are purchasing more coins rather than selling, and have swooped up an additional $127 million worth of DOGE.
According to IntoTheBlock, the Dogecoin Whale investors picked up over 1.32 billion DOGE in 24 hours on Tuesday, accumulating to around $127 million. Large transactions of many crypto, including Dogecoin, have seen a slight drop, likely due to the growing price of Doge. Most holders are continuing to hold on as they see DOGE will likely rally a bit more before a sudden sell-fest. However, these whales appear to see an even bigger rise in the dog-themed coin’s price and want to capitalize before the price gets significantly higher.
Over the weekend, Dogecoin achieved the $0.10 threshold, and while it has since fallen just underneath that, whales expect the coin to creep back up to that number again. The Dogecoin open interest has been on the decline alongside the price which could explain the fall in price. On the other hand, many market watchers are bullish on the cryptocurrency market entering the end of the year into 2024. Dogecoin is one of the leading meme-coin crypto on the market, along with Shiba Inu.
With expectations of the rally to continue, another crypto whale may likely wake up and swoop in on the growing potential of Dogecoin or other cryptocurrencies. Therefore, a major sell-off may also be imminent to close out 2023.
Currently, Dogecoin is trading at $0.09808, with a global market cap of $13.95B, according to CoinMarketCap.
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