There has been a growing adoption of Dogecoin (DOGE) among crypto whales over the past week. These big investors are taking advantage of the meme coin’s low price to boost their investments in the cryptocurrency. More dogecoin In addition to existing investors who bought new whales, new whale investors are also interested in meme coin. Details are here.
According to a prominent cryptocurrency analyst named Ali Martinez, six new whale investors joined the Dogecoin network last week. These investors purchased 620 million DOGEs, worth approximately $37.2 million in total.
#dogecoin | 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. pic.twitter.com/KIw9NnIR3v
— Ali (@ali_charts) September 23, 2022
“Roughly 6 new whales joined the network and collected about 620 million DOGEs,” Martinez said.
The spending by other high-value investors for the meme coin last week also attracted a lot of attention. According to the data, the number of addresses holding 100 million to 1 billion Dogecoins is increasing. Referring to an IntoTheBlock chart, Martinez said that the number of addresses holding 100 million to 1 billion Dogecoin rose 5.13% over the past week.
DOGE Rises 2.5% in 24 Hours
Koinfinans.com As we reported, the massive adoption of Dogecoin by whale investors has pushed the price of the cryptocurrency to rally slightly. Dogecoin has gained 2.5% and 3.4% in the last 24 hours and seven days, respectively, according to data from cryptocurrency fundraising platform Coinecko.
While this slight gain makes no sense compared to DOGE’s losses since it peaked at an all-time high of $0.73 last year, investors are optimistic that the meme coin price will rise again. The biggest indicator of this is the widespread adoption of DOGE among whale investors.
Besides, whale investors cryptocurrency It is unclear why he showed such great interest in the unit. However, after years of support from top cryptocurrency stakeholders, including Elon Musk and Mark Cuban, it’s understandable why investors are still putting millions of dollars into the cryptocurrency.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.