Following the accumulation, the address has become the 20th biggest DOGE holder.
A Dogecoin (DOGE) whale just accumulated up to 450 million tokens valued at $39.41 million in two recent transactions, subsequently climbing to the 20th position on the list of the biggest DOGE holders. The assets were sent from a Crypto.com wallet.
This accumulation has occurred when the asset is leveraging the recent market-wide rally to recover losses of the past few days, as an increase in weighted sentiment triggers a surge in demand from investors.
Lookonchain, a blockchain surveillance resource, called public attention to the transactions in a tweet today. According to the disclosure, the whale received 250 million DOGE from a wallet affiliated with the Singapore-based exchange Crypto.com. Data from Bitinfocharts reveals that the transaction occurred today at 10:23 (UTC).
Whale “D7vrVR” received 250M $DOGE($63M) from #cryptocom 1hr ago and became one of the top 20 holders of Dogecoin.
And he also received 200M $DOGE($39M) from #cryptocom yesterday.https://t.co/Bzxiqoed4T pic.twitter.com/Lr4dXpYj05
— Lookonchain (@lookonchain) February 16, 2023
However, the whale received 200 million DOGE from Crypto.com in a separate transaction yesterday at 02:17 (UTC). Following the latest transaction, the balance on the address surged to 709.28 million DOGE, valued at a whopping $62.7 million. This makes the address the 20th biggest Dogecoin holder as of press time.
These transactions are part of an accumulation trend some DOGE whale addresses have recently embarked on amid the price uptick. Blockchair data reveals that a newly-activated address amassed a whopping 53.1 million DOGE ($4.65 million) today at 11:47 (UTC). Shortly before this, another address was seen to have accumulated 92.2 million tokens ($8.04 million).
DOGE Sentiment Hits a 4-Month High
This whale accumulation campaign has picked up when bullish sentiments surrounding Dogecoin are seeing a surge. Seasoned analyst Ali Martinez highlighted this uptick, citing Santiment data. Data from a Santiment chart reveals that weighted sentiment around DOGE had reached 6.199, a value last seen in October 2022 when the asset rallied by 160%.
Social sentiment around #Dogecoin hasn't been this positive since October 2022, when $DOGE pumped 160%, shows data from @santimentfeed. pic.twitter.com/hMrvm4sYgt
— Ali (@ali_charts) February 16, 2023
Social volume has also increased, reaching a high value of 4317, its highest point this year. This is a testament to the surge in the asset’s social activity, particularly following billionaire Elon Musk’s tease of a new Doge Twitter CEO yesterday.
Meanwhile, DOGE has gained by 1.49% in the past 24 hours, but it is trailing behind most assets despite the uptick in social activity. The asset changes hands at $0.08759 after facing slight rejection at the $0.088 price point.