It looks like Dogecoin is making waves again! In just 48 hours, big-time Dogecoin whales have scooped up over 1.4 billion tokens, which is worth around $140 million.
These investors are adding to their wallets like crazy, and crypto users in social media are all buzzing about this!
The rise of Dogecoin
Now, as of right now, Dogecoin is trading at $0.124 after pumping more than 16% this past week.
This jump comes during a broader rally in the crypto market, where Bitcoin has also seen a rise of over 3.4%, hitting more than $65,500. Isn’t that something?
But here’s the thing, Dogecoin is currently facing some strong resistance at the $0.11 level, with about 23,400 addresses holding around 31 billion DOGE tokens right at that level.
And get this—Dogecoin just hit a major milestone too in the days! The number of wallet addresses holding it has now surpassed 90 million.
But remember, just because there are a lot of wallets doesn’t mean there are that many users.
People can create multiple wallets, and exchanges often hold tokens for many users in one wallet. 90 million sounds good, but we can’t know if it’s real or not.
The impact of whales
Now, why should we care about these whales? Well, they can really shake things up in the market with their buying and selling actions.
In the crypto world, people believe these big players often know things that regular users don’t.
It might just be rumors or speculation, but there’s no denying the influence these whales have on prices. And right now, they’re in buying mode, waiting for that next big pump!
Man’s best friend
Earlier this year, the one and only Elon Musk—yes, the CEO of Tesla and SpaceX—talked about how he sees value in Bitcoin and other digital currencies but admitted he has a special place in his heart for Dogecoin.
“I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.”
If these whales continue to accumulate Dogecoin and if the whole market keeps rallying, we could see even more exciting movements in the price of DOGE soon.
With all this buzz around Dogecoin and its OG status, it’s clear that this crypto isn’t going anywhere anytime soon!
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