Dogecoin Whales Amassed 210,000,000 DOGE During Latest Price Dip to $0.36

Dogecoin whales sustain their accumulation spree, procuring a substantial amount of DOGE tokens during the latest price dip.

Ali Martinez, a prominent market analyst, first called the public’s attention to the latest bullish move, which demonstrated the optimism among these whale addresses. 

Dogecoin Whale Accumulation

Citing on-chain data from market analytics resource Santiment, Martinez revealed that whales holding between 10 million to 100 million Dogecoin accumulated about 210 million tokens amid the latest bearish phase that began on Monday. 

#Dogecoin whales bought 210 million $DOGE during the recent price correction! 👀👀 pic.twitter.com/0vG2iN1fvJ

— Ali (@ali_charts) December 11, 2024

Data confirms that the 210 million tokens they procured are worth over $88 million at the current price of $0.42. According to Santiment, these whales held a cumulative balance of 21.64 billion DOGE right before Dogecoin witnessed the recent price slump. 

Following the correction phase, the holdings among these addresses have now skyrocketed to the current figure of 21.85 billion tokens, marking an increase of 210 million Dogecoin in four days.

Further data scrutiny shows an even more impressive accumulation behavior over a longer timeframe. Remarkably, as of late-October, their holdings amounted to 18.55 billion tokens. With this figure now at 21.64 billion, these whales have added 3.3 billion worth $1.39 to their bags in two months.

The latest accumulation spree amid a price drop shows their appetite for buying the dip. For context, Dogecoin suffered a massive 11.22% price collapse on Dec. 9, marking its largest intraday drop in five months. The last time DOGE observed a comparative decline was on July 4 amid a broader market slump.

DOGE Recovers After Price Dip

Notably, the latest decline also came on the back of a broader corrective phase in the crypto market, led by the Bitcoin (BTC) crash from the $101,000 top. By Dec. 10, BTC had slumped to the lower ends of the $90K level, impacting altcoins like Dogecoin and triggering a cascade of liquidations.

DOGE eventually slumped to $0.3653, its lowest price in over two weeks, before mounting a recovery. However, while the pullback triggered large liquidations of long positions and led to panic-selling, these whales leveraged the opportunity to buy the dip.

So far, this decision appears to be paying off, as Dogecoin has since recovered nearly 15% from the $0.3653 low. Market analyst Scofield confirmed that amid the latest collapse, DOGE previously broke below a lower trendline that had served as support since early November. 

$DOGE Is back

Stronger than before🚀 pic.twitter.com/99m2ypMu8Y

— Scofield (@Crypto_Scofield) December 11, 2024

However, as the rebound campaign began, the meme coin has now recovered above the trendline. Meanwhile, Cryptomist, another market analyst, called attention to an ascending triangle that DOGE recently dropped below. He suggested that a push back inside the triangle could set the stage for a rally to ATH.