While meme coins are all the rage now, the OG Dogecoin has been relatively quiet. DOGE’s price action has been underwhelming at $0.158, as it was almost 4% down over the past week.
Despite this, whales have bought more than 700 million DOGE in the past 72 hours alone. This stash is worth around $112 million at the current price of $0.16.
DOGE Whales Accumulate
Dogecoin’s recent performance has been mixed. It gained over 17% monthly but declined over the past week and fell 0.5% in the last 24 hours.
Whale buyers took advantage of this volatility, with holdings in the 100 million to 1 billion range increasing significantly since May 29, coinciding with a bearish trend reversal. With over $112 million accumulated by whales, the current recovery trend is worth noting, according to popular crypto analyst Ali Martinez’s latest update.
The accumulation trend was further validated by Singapore-based crypto-trading firm QCP Capital’s observation, according to which traders have shifted their focus to legacy meme coins.
In addition to Dogecoin, tokens like Shiba Inu (SHIBA) and Pepe (PEPE) have gained significant attention, showing double-digit gains between 10% and 20%. These tokens are now among the top 10 in Open Interest, indicating heightened trading activity and investor interest in the meme coin sector.
SHIB and PEPE Chart Rallies
In the past two weeks, over 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to crypto exchanges. This movement suggests increased trading activity and potentially indicates a trend of investors looking to capitalize on SHIB’s recent price movements.
This follows Shiba Inu’s layer-2 scaling solution, Shibarium, achieving a significant milestone by processing over five million blocks since its launch in August last year. The network has also handled over 417 million transactions, with the number of wallet addresses exceeding 1.8 million.
Meanwhile, PEPE has been on a tear, gaining almost 130% over the past month. A whale made nearly $5 million in profit from the PEPE token within a month, achieving a 52% return on their initial investment as the token price briefly dropped over 17% from its all-time high. This whale deposited all 660.7 billion PEPE tokens, worth $9.52 million, into a Binance wallet.
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