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- Dogecoin whales accumulated 2.07 billion DOGE last week, marking the highest level of accumulation since January 2024.
- New DOGE addresses surged by 72%, reflecting growing interest and increased network activity in recent weeks.
Whale activity surged this week for Dogecoin (DOGE), as big holders accumulated an astounding 2.07 billion DOGE tokens. Valued at about $231 million, this is the biggest accumulation level Dogecoin whales have seen since January 2024, according to IntoTheBlock.
Considered a positive sign, this unexpected increase in purchasing activity by big-pocket investors indicates new crypto interest.
Large Dogecoin holders accumulated 2.07 Billion $DOGE last week, the highest since January of this year! pic.twitter.com/AOpdGHzGTe
— IntoTheBlock (@intotheblock) October 7, 2024
Whale Accumulation Reflects Growing Confidence in Dogecoin Future
The whales recent DOGE accumulation shows increasing faith in its ability for future profit. Several elements could be behind this trend, including growing hope in the larger crypto market and possible future changes inside the Dogecoin community.
Furthermore, drawing both retail and institutional investors is Dogecoin’s community-driven approach mixed with minimal transaction fees and accessibility. Often considered as market movers, whales’ large expenditures can have knock-on effects on lesser traders behavior and increase demand.
Positive market sentiment or even speculating on future events or alliances that could raise the DOGE price could be the causes of this revived interest. Large-scale whale accumulation has historically usually preceded price swings; therefore, this current pattern could lay the stage for such a result.
Apart from whale behavior, Dogecoin has experienced more activity among its mining community. Dogecoin’s proof-of-work system stays appealing even as miners hunt substitutes in a post-Ethereum proof-of-stake environment. This increase in mining activity helps to secure the network and hence boost belief in the long-term survival of Dogecoin.
Our prior reports earlier showed that Dogecoin was finding it difficult to keep important price levels, especially around $0.11. DOGE has already exceeded this level, trading at roughly $0.1116 following a 1.46% rise over the last 24 hours.
Beside that, CNF has highlighted a notable rise in Dogecoin activity, with new addresses generated in just one week by 72% increase. More than 19,000 fresh DOGE addresses were added on September 30. Additionally, over 60,000 addresses had purchased 36.4 billion DOGE, highlighting sustained demand.
