Dogecoin Whales Signal Bullish Sentiment, Stack Up 200 Million DOGE
Despite the renewed hype surrounding meme coins, the OG Dogecoin’s price action has remained relatively dull. But whales appear to be bullish on the asset’s price trajectory as they continue to rake in tokens.
According to crypto analyst Ali Martinez, large holders or whales have been actively accumulating Dogecoin over the past five days. Martinez stated that such entities have added a staggering 200 million DOGE to their holdings, signaling a significant accumulation phase since May 30.
Dogecoin has been consolidating within a tight range during this period. After briefly touching highs of $0.174 on May 26, the meme coin declined and has been trading near the $0.16 level.
While a trend reversal is less likely to occur, this hasn’t fazed DOGE whales to amass tokens.
In fact, large investors have been accumulating DOGE for quite some time now. Specifically, during the period from May 29th to May 31st, these entities purchased over 700 million DOGE tokens. Based on the current market price of Dogecoin, the total value of this acquired DOGE stash is approximately $112 million.
But not everyone is a fan of the meme coin. At the Consensus 2024 conference, Ripple CEO Brad Garlinghouse voiced strong criticisms against Dogecoin, raising doubts about the token’s contributions to the cryptocurrency industry.
Garlinghouse stressed that cryptocurrencies should strive to address real-world problems, which he believes Dogecoin fails to achieve.
According to the exec, Dogecoin’s appeal stems more from speculative fervor than practical use cases. A similar stance was echoed by several market experts who believe that this cohort of tokens dwarfs the efforts of teams focused on developing legitimate products that could potentially drive progress in the industry.
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