Whale investors pick interest in Dogecoin.
There has been a growing adoption of Dogecoin (DOGE) among cryptocurrency whales in the past week. These investors are taking advantage of the token’s low price to increase their position in the cryptocurrency. Aside from existing investors scooping up more Dogecoin, new whale investors have also been developing interest in the crypto asset.
According to a prominent cryptocurrency analyst named Ali Martinez, six new whale investors have joined the Dogecoin network over the past week. These investors jointly purchased a whopping 620 million DOGE, worth around $37.2 million at the current exchange rate.
“Roughly six new whales have joined the network, scooping up approximately 620 million DOGE,” he said.
It is noteworthy that other high net worth investors have also adopted the canine-themed token in the past week. Thus, bolstering the number of addresses holding 100 million to 1 billion Dogecoin. Referencing an IntoTheBlock chart, Martinez said the number of addresses holding 100 million to 1 billion Dogecoin had surged 5.13% in the past week.
“The number of addresses holding 100 million – 1 billion $DOGE has increased by 5.13% over the past week,” Martinez said.
#Dogecoin | The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M #DOGE. pic.twitter.com/KIw9NnIR3v
— Ali (@ali_charts) September 23, 2022
DOGE Soars 3.2% in 24 Hours
The massive adoption of Dogecoin by whale investors has propelled the price of the cryptocurrency to rally slightly. According to data from cryptocurrency aggregation platform Coingecko, Dogecoin is up 3.2% and 3.1% in the past 24 hours and seven days, respectively.
Although the slight gain is nothing compared to how many losses DOGE has suffered since it peaked at an all-time high of $0.73 last year, investors are optimistic that the token’s price will rally again. Hence the widespread adoption of the token among whale investors. When writing this line, Dogecoin is trading at $0.06.
Meanwhile, it is unclear why whale investors are showing massive interest in the cryptocurrency. However, following the support Dogecoin has received over the years from top cryptocurrency stakeholders, including Tesla’s Elon Musk and Dallas Mavericks’ Mark Cuban, it is understandable why investors still commit millions of dollars to the cryptocurrency.