Whales Pile in on Dogecoin with 1,400,000,000 DOGE Bought in Two Weeks

As on-chain data reveals, the recent surge in the price of Dogecoin has been a result of heavy accumulation by large holders.

Dogecoin’s price has gained 44% in the past seven days, making it the best performing cryptocurrency on the top ten list. The latest increase may be attributable to retail involvement, especially given Dogecoin’s position among memecoin investors.

However, on-chain data also credits whales with a huge contribution to Dogecoin’s price surge. Over the past two weeks, data reveals that whales spent $280 million acquiring 1.4 billion DOGE. 

#Dogecoin whales have purchased 1.40 billion $DOGE over the past two weeks, worth around $280 million! pic.twitter.com/zswuyRpuLG

— Ali (@ali_charts) March 29, 2024

The increase in whale activity is a positive indicator for Dogecoin’s price. A majority of whales are long-term investors, with the latest purchase at these prices suggesting the desire to sell at much higher values.

Despite its price rising to $0.21 at the time of writing, Dogecoin remains approximately 70% off its all-time high. Its current market capitalization at $31 billion is also significantly less than the $75 billion milestone reached at the peak of the previous bull run.

Dogecoin Climbs Crypto Rankings

The massive spike in whale interest and demand has helped push Dogecoin much high in the crypto market cap rankings. In recent weeks, Dogecoin has overtaken Avalanche and Cardano, and now ranks at the eight largest cryptocurrency.

Up next are the USDC stablecoin and more popular cryptocurrency XRP. In terms of market cap, only $4 billion separates these assets, while Dogecoin already records more trading volume than XRP ($4.2 billion against $1.77 billion) in the past 24 hours.

Evidently, the flippening of XRP by Dogecoin could occur if whales maintain sustained demand for the asset. At press time, Dogecoin is in a consolidation range, trading between $0.21 an $0.227 in the past 24 hours.