Bitrabo Editorial
As Dogecoin experienced a drop in price from $0.1686 to $0.1423, holders of DOGE tokens took advantage of this situation by accumulating more tokens. Following a surge in price to surpass $0.168 on May 6, triggering profitability for 5.21 million addresses, the cryptocurrency underwent a correction on May 7. Large DOGE holders reacted to this correction by increasing their holdings with around 265.86 million DOGE tokens.
Whales Boosting DOGE Holdings
Data from Santiment revealed that DOGE addresses holding between 100 million to 1 billion DOGE increased their total holdings by 1% on May 7, reaching 21% of the total supply. These holders added 265.86 million DOGE, valued at approximately $41.2 million, in contrast to a previous outflow of 342 million DOGE. Whale Alerts highlighted an accumulation of 120 million DOGE worth $18 million from Robinhood exchange, underscoring the continued bullish sentiment from these large holders.
Significance for Dogecoin
Whale activities play a crucial role in shaping the market sentiment for cryptocurrencies like Dogecoin, known for its speculative nature driven by hype rather than utility. The recent accumulation appears to have positively impacted DOGE’s price, which currently stands at $0.1516, showing a 3% increase in the last 24 hours and a 14% rise over the past week. This accumulation might pave the way for DOGE to break through resistance levels at $0.16 and $0.20, potentially leading to a surge past its all-time high and even reaching $1.
Santiment data indicates a growing interest in meme coins like TRUMP, TURBO, PONKE, and MYRO, suggesting a diversified focus within this sector. The $0.143 level seems to be a robust support level for DOGE, signaling a possible upward trajectory towards new highs in the coming month.