DOGE Top Holder Snags 1.5M Coins for $400K, A Power Move Or Just The Start?

Recently, DOGE got some positive news, as its largest holder transacted for 1.58 million DOGE for $449,000.

The total for the holder increased to 36.64 million DOGE, which equates to a 3.66% share of the total supply. The movement highlights the emerging power institutional players will wield in the DOGE market.

Largest DOGE Whale Buys 1.58M DOGE, Strengthens Market Activity

A large Dogecoin transaction was made when the largest holder of the token, which is tied to the Ethereum address theunipcs.eth, bought 1.58 million DOGE.

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To further their market footprint, the whale spent as much as 121 ETH, or as much as $449,000. It reaffirms the whale’s ongoing accumulation strategy and reflects their present influence on the DOGE ecosystem.

theunipcs.eth, the largest holder of $DOGE (@doge_eth_gov), spent 121 $ETH ($449K) to buy 1.58M $DOGE 12 hours ago!

Now holding 36.64M $DOGE ($10.55M), ~3.66% of the max supply, the whale boasts an unrealized profit of $9.12M (+637%).

Besides DOGE, the whale also holds:
•… pic.twitter.com/qp0MJOvkXr

— Spot On Chain (@spotonchain) December 2, 2024

Following this acquisition, the wallet now has a total of 36.64 million DOGE, currently worth $10.55 million in total. That means the whale has 3.66% of all DOGE in circulation, emphasizing the whale’s vast stake in the crypto.

Currently, the holder has an unrealized profit of $9.12 million, 637%. The scale of the whale’s transaction and profitability highlight the opportunity for strategic investment in DOGE.

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With this high-profile transaction, the growing interest from institutional or high-net-worth users in DOGE is becoming increasingly clear, especially in these recent market dynamics.

Such whale activity can affect retail traders, who frequently observe big trades and use them to look for market indications. Since the whale has influence and large holdings, it could determine the price of DOGE in the coming days.

DOGE/USD Chart Suggests Key Levels for Traders

The DOGE/USD pair is down 3% in the last 24 hours, and it’s consolidating near $0.42014, showing just a bit of recovery.

The current price action is holding up around the $0.42298 level, which represents a resistance zone also validated by key moving averages.

Consolidation and subdued bullish momentum are reflected by the Alligator indicator’s averages at $0.37882, $0.38288, and $0.38425.

The Stochastic RSI signal shows mixed indicators. It is at 32.17 (K line) and 31.05 (D line). Therefore, it hints at a possible upside.

At 15.95 billion, the Accumulation/Distribution indicator points to steady demand but suggests activity has plateaued.

Resistance levels exist at $0.500 and $0.42755, while immediate support is seen close to $0.400 as critical levels for traders.

A breakdown below $0.400 could see a retest of the $0.350 area, a key support. On the plus side, holding at current levels could push the test for $0.500, the psychological resistance.

Traders are following the Dogecoin price action around this tight range, waiting for a breakout or deeper retracement.

Whale Activity Boosts DOGE Adoption as Larger Transactions Dominate

Transaction volume on Dogecoin is seeing a significant increase, especially with larger numbers of transactions.

According to IntoTheBlock, transactions above $1 million have increased by 164.07% in the past 30 days. Bigger transactions indicate that institutional investors or whales have a growing interest in DOGE and are thus becoming more inclined to invest in the digital currency.

However, the total number of transactions in the $1m–$10m range increased by 72.14%, indicative of significant investment activity from the mid-tier class.

This increase indicates that DOGE is attracting a wide breadth of participants, from retail traders to larger investors. While these were moderate increases, smaller transaction bands from $10-$100 and $1,000-$10,000 also saw positive growth, showing widespread participation in the DOGE ecosystem.

These data indicate that growing DOGE adoption at all transaction sizes is caused by the accumulation behavior of whales and institutional players.