Dogecoin has observed a surge of 7% over the last five days as whales have been showing signs of accumulation behavior.
Dogecoin Addresses With 100 Million To 1 Billion DOGE Have Gone Up By 5% Recently
Both Dogecoin and the general crypto market have been struggling hard in recent weeks, but these last few days have been kinder to DOGE as the memecoin has gained some upwards momentum.
At the time of writing, DOGE is trading around $0.0625, up almost 4% in the past week. Here is a chart that shows the trend in the coin’s price over the last five days:
The value of the crypto seems to have seen an uplift over the last few days | Source: DOGEUSD on TradingView
As you can see in the above graph, Dogecoin surged up in recent days, and hit a peak a couple of days back. Since then, however, the crypto has observed some decline.
Nonetheless, this drawdown hasn’t been drastic enough so as to erase all the gains since the coin still retains around 7% positive returns during the period.
Monthly performance-wise though, the original memecoin is still down bad as its holders are 8% underwater over the last thirty days.
DOGE’s returns over the past five days have been better than many other top cryptos, even handily beating both Bitcoin and Ethereum (who have been trading mostly sideways recently).
So, what’s behind this sudden rise in the memecoin’s price? A hint comes from an analyst on Twitter, who has pointed out that the last week has noticed an increase in addresses holding between 100 million and 1 billion DOGE.
The below chart shows the trend in this indicator over the last few months:
Looks like the value of this metric has gone up recently | Source: Twitter
From the graph, it’s apparent that the number of wallets with 100 million to 1 billion DOGE has seen a 5% uplift during the last week or so.
Such large holdings belong to the whales, which means the number of such investors in Dogecoin has increased, suggesting there has been some accumulation going on in the market.
The 5% surge corresponds to 6 new whales joining the network, and these whales’ wallet amounts total up to around 620 million DOGE ($38.5 million).
Since the timing of these buys have come around the latest rise in Dogecoin’s price, it would seem natural that this accumulation could be behind the pump.
Currently, Bitcoin’s price is floating around $18.9k, down 4% in the last seven days.
BTC hasn't budged much during the last few days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com