DOGE Whales Accumulation Spree Amid Negative Sentiment, Here’s Why

While several cryptocurrencies have lost value over the past few days, memecoin DOGE took a significant price jump. Even Dogecoin’s (DOGE) rival SHIB has lost nearly 6% over the past one week. In parallel with DOGE price rise, the high net worth investors have actually increased their positions in recent times. On the other side, there is high negative sentiment among DOGE traders, similar to Bitcoin investors. This clearly shows a divergence in investor sentiment among DOGE whales who choose accumulation compared with small time traders.

DOGE Price Rally Led By Whales Accumulation?

When looked at the DOGE buying pattern in the last few months, there is a clear jump in whales accumulation. According to data from Bull BNB on Twitter, the number of whales with 100 million to 1 billion tokens rose significantly. There was also a spike in the number of big whales, in the last three months. Interestingly, the DOGE price was on a downward curve over the period with the exception of a massive spike in August.

“The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M DOGE.”

As of writing, Dogecoin (DOGE) price stands at $0.06178, up 4.54% in the last 24 hours, according to price tracking platform CoinMarketCap. The memecoin is currently ranked 10 based on total market cap whereas Shiba Inu ranks 14.

Negative Sentiment Around DOGE

Thanks to the recent dip in crypto prices, there exists major negativity from the trading community. According to Santiment Insights, cryptocurrencies like DOGE are showing high FUD levels. This could mean there could be possibility of further price reduction in future if the FUD continues. “The majority of crypto assets are seeing major negativity from the trading community right now. But keep your eye on $BTC, $BNB, $DOGE, and $LINK. These top caps are showing particularly high levels of #FUD that can lead to eventual breakouts.”

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.