A crypto analyst says whales have abruptly accumulated tens of millions of dollars worth of Dogecoin (DOGE) in just a matter of days.
Crypto strategist Ali Martinez tells his 63,100 followers on the social media platform X that deep-pocketed investors have snapped up 700 million DOGE worth $112 million in just 72 hours.
Using data from analytics platform Santiment, Martinez says that the sudden DOGE accumulation of whales comes as sentiment for the leading memecoin has dropped close to 2024 lows.
“Market sentiment for Dogecoin is as bearish as it was in early February, just before DOGE skyrocketed by 200%!”
Dogecoin ignited a big surge in February when it rallied from $0.077 on the first day of the month to $0.228 on March 28th. At time of writing, DOGE is worth $0.159.
Looking at Dogecoin rival Shiba Inu, Martinez says that crypto exchanges are suddenly witnessing a massive influx of SHIB.
“Shiba Inu: over four trillion SHIB have been sent to crypto exchanges in the last two weeks, worth around $103 million!”
At time of writing, SHIB is trading at $0.000025.
Turning to the top smart contract platform Ethereum, the crypto strategist says that the number of mega whale ETH wallets is on the up and up.
“There’s been a notable increase in Ethereum addresses holding 10,000+ ETH, indicating a shift from distribution to accumulation!”
At time of writing, ETH is worth $3,790.
Featured Image: Shutterstock/Ruslan__Grebeshkov/Viaire
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