Crypto Whales Suddenly Gobble Up $112,000,000 Worth of Dogecoin Amid Bearish DOGE Sentiment: Analyst

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A crypto analyst says whales have abruptly accumulated tens of millions of dollars worth of Dogecoin (DOGE) in just a matter of days.

Crypto strategist Ali Martinez tells his 63,100 followers on the social media platform X that deep-pocketed investors have snapped up 700 million DOGE worth $112 million in just 72 hours.

Source: Ali Martinez/X

Using data from analytics platform Santiment, Martinez says that the sudden DOGE accumulation of whales comes as sentiment for the leading memecoin has dropped close to 2024 lows.

“Market sentiment for Dogecoin is as bearish as it was in early February, just before DOGE skyrocketed by 200%!” 

Source: Ali Martinez/X

Dogecoin ignited a big surge in February when it rallied from $0.077 on the first day of the month to $0.228 on March 28th. At time of writing, DOGE is worth $0.159.

Looking at Dogecoin rival Shiba Inu, Martinez says that crypto exchanges are suddenly witnessing a massive influx of SHIB.

“Shiba Inu: over four trillion SHIB have been sent to crypto exchanges in the last two weeks, worth around $103 million!” 

Source: Ali Martinez/X

At time of writing, SHIB is trading at $0.000025.

Turning to the top smart contract platform Ethereum, the crypto strategist says that the number of mega whale ETH wallets is on the up and up.

“There’s been a notable increase in Ethereum addresses holding 10,000+ ETH, indicating a shift from distribution to accumulation!” 

Source: Ali Martinez/X

At time of writing, ETH is worth $3,790.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Ruslan__Grebeshkov/Viaire

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