In a surprising turn of events, crypto whales have purchased approximately 1 billion Dogecoin (DOGE) since Wednesday. This substantial acquisition indicates that these influential investors might rescue the meme coin from a historically challenging start to October. As of Sunday, Dogecoin’s price was $0.13, but it has since dropped to $0.10.
According to Santiment, the number of DOGE coins held by addresses owning between 100 million to 1 billion DOGE increased from 29.88 billion on October 2 to 30.88 billion today. This represents a purchase of 1 billion DOGE within just two days, valued at approximately $100 million.
Typically, when whales engage in such large acquisitions, it enhances the attractiveness of the cryptocurrency, prompting other market participants to buy, which can lead to price increases. It appears that these whales are strategically capitalizing on the recent price drop by buying the dip.
If this trend continues, Dogecoin could see significant price appreciation in the coming weeks. Furthermore, the Coin Holding Time for the cryptocurrency has surged concurrently with the increase in whale holdings. Senior Researcher Juan Pellicer from IntoTheBlock believes that this buying pattern could be crucial for DOGE's price rebound.
