Data from the chain shows that Dogecoin whales have gone on a buying spree in recent days, snapping up 470 million tokens of the memecoin.
Dogecoin has seen a rally above $0.10
The cryptocurrency sector has started the new week on a strong rise and Dogecoin has been no exception as the memecoin has regained the $0.10 level after surging more than 5% in the past 24 hours.
The chart below shows what the asset’s recent performance has looked like.
As seen in the chart, Dogecoin also made a bullish attempt late last week, but then momentum quickly ran out and the coin returned to lower levels. The latest gains have lasted longer than the last attempt, but it remains to be seen how long they will last.
In terms of weekly returns, DOGE has a gain of almost 10%, which is better than some of its peers, but worse than others.
The new price increase for this asset has arrived, as whales showed accumulation behavior behind the scenes.
DOGE whales have been accumulating lately
As highlighted by analyst Ali Martinez in an X afterDogecoin whales have recently increased their holdings. “Whales” refer to the big cryptocurrency investors who have large amounts of money in their wallets, which gives them a certain degree of influence over the market.
Moves from this cohort can sometimes impact assets, but even if they don’t, they can still be worth keeping an eye on as they contain information about sentiment among the big traders.
Here is the chart shared by Martinez showing the trend in the Dogecoin whales’ holdings over the past few days:
As shown in the chart above, Dogecoin whales have participated in net accumulation in recent days. In total, these major investors added 470 million tokens of the memecoin to their holdings within this window. Given the timing of these purchases, it is possible that the currency’s latest price recovery could be supported by whale accumulation.
Buying whales hasn’t been the only recent development for DOGE. As the analyst noted in another X afterthe network has also seen an increase in the number of active addresses, an indicator that tracks the daily number of addresses participating in transactions on the blockchain.
“Dogecoin $DOGE active addresses increased 176% in the past week, from 41,557 to 114,662,” Martinez said. An increase in this metric is usually a sign of increased network user engagement.