Dogecoin whales have gone on a buying spree, acquiring 160 million DOGE in the past 24 hours amid the ongoing price correction.
Whales are massively acquiring Dogecoin, leveraging the recent dip to buy the meme coin at a discount. In the past 24 hours, large holders have amassed 160 million DOGE in anticipation of a price uptick.
The growing confidence in Dogecoin stems from the meme coin’s recent price explosion. For context, the dog-themed token recently broke a multi-year price high, appreciating extensively to trade around $0.4316 on November 13. As it dropped from this peak, accumulation has picked up.
Whales Buying the Dogecoin Dip
Seasoned market analyst Ali Martinez disclosed in a tweet today that whales are making the most of the current Dogecoin price consolidation. Citing data from Santiment, he confirmed that wallets holding between 10 million and 100 million DOGE have topped their stash by 160 million, taking their total tally to 19.91 billion DOGE.
Notably, the 160 million DOGE were worth $56 million, 23% discounted from the stash’s value two days ago. The acquisition would have cost the whales a staggering $69 million a few days back, but they have leveraged the dip to buy more of the meme coin at a discount.
Meanwhile, another whale was spotted dumping his SPX bags to acquire Dogecoin. Lookonchain reported that the whale sold all his 10.6 million SPX tokens over the past two days at a profit of $920,000.
The wallet then used the $6.2 million realized from the sales to buy the DOGE dip. The whale acquired 13.95 million DOGE.
Dogecoin Tipped to Surge to New Price Discoveries
The growing positive sentiments around Dogecoin have led to speculation of more upsides for the meme coin. Notably, the recent accumulation signals that investors are still betting on DOGE to surge to new price heights.
Martinez earlier stated that the price correction was healthy and a prerequisite for a sustained upsurge. The analyst cited historical price corrections in Dogecoin’s last two bull cycles, noting that they preceded a 9,470% and 30,700% upswing.
Following the growing accumulation, Dogecoin could be on its way to new peaks. Analysts have predicted a surge past its current all-time high of $0.7376 to $1 by year-end. Other assertions include an upswing to $2.4, $10, and a lofty $23 target.
Meanwhile, Dogecoin trades at $0.3171 at press time, down 5.8% in the past 24 hours. However, the meme coin has respectively grown 88% and 195% in the last seven days and one month.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
