In just a matter of days, crypto whales have swiftly amassed a substantial amount of Dogecoin (DOGE), according to a crypto analyst. Ali Martinez, a crypto strategist, shared with his 63,100 followers on the social media platform X that deep-pocketed investors have acquired 700 million DOGE, equivalent to $112 million, in a mere 72 hours.
Martinez based this information on data from the analytics platform Santiment, which suggests that the sudden accumulation of DOGE by whales coincides with a drop in sentiment towards the popular memecoin, reaching lows not seen since 2024. Martinez adds, “Market sentiment for Dogecoin is as bearish as it was in early February, just before DOGE skyrocketed by 200%!”
In February, Dogecoin experienced a significant surge, with its value rising from $0.077 on the first day of the month to $0.228 on March 28th. Currently, at the time of writing, DOGE stands at $0.159.
Shifting the focus to Shiba Inu, a rival of Dogecoin, Martinez notes that crypto exchanges are now witnessing a sudden influx of SHIB. He states, “Shiba Inu: over four trillion SHIB have been sent to crypto exchanges in the last two weeks, worth around $103 million!” SHIB is currently trading at $0.000025.
Regarding the top smart contract platform Ethereum, Martinez reports that there has been a noticeable increase in the number of mega whale ETH wallets. He suggests that this indicates a shift from distribution to accumulation, stating, “There’s been a notable increase in Ethereum addresses holding 10,000+ ETH, indicating a shift from distribution to accumulation!” At the time of writing, ETH is valued at $3,790.
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