For many reasons, the current environment of the crypto market remains uncertain, full of fear and doubt. It is no surprise, given how quickly and suddenly cryptocurrency prices fluctuate nowadays.
However, even amid such a conjecture, some straightforward investment decisions are being made. Thus, for the Dogecoin millionaires — wallets holding from one million to 100 million DOGE — the recent market structure is reasonable enough to accumulate, not sell.
As reported by analyst Martinez, citing on-chain data from Santiment, over the last 48 hours, this particular group of meme coin holders absorbed as much as 480,000,000 DOGE, equivalent to about $71.8 million.
Even though daily trading volume for Dogecoin totaled to $1.26 billion, according to CoinMarketCap, the amount accumulated still totals 5.69% of the 24-hour turnover, and that alone is enough to influence the price. More importantly, this is spot accumulation, which makes it more meaningful in terms of price impact than simply opening leveraged longs.
Is now the time to accumulate Dogecoin?
Speaking about the Dogecoin price, over the period under review, the last 48 hours, it has gained about 2.5%, reaching a local high at $0.1534, before stalling. Interestingly, that is where the 23-day moving average is currently positioned for the meme coin, and the fact that the price curve met resistance there is a normal reaction.
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What matters is what happens next and whether DOGE millionaires can push the price further with their recent buying activity. A total of 480 million coins acquired is a fair job, but the market remains resistant, and as this week’s price action shows, buyers currently hold the future in their hands.