Whale Accumulates 450M Dogecoin as Sentiment Hits 4-Month High

Following the accumulation, the address has become the 20th biggest DOGE holder.

A Dogecoin (DOGE) whale just accumulated up to 450 million tokens valued at $39.41 million in two recent transactions, subsequently climbing to the 20th position on the list of the biggest DOGE holders. The assets were sent from a Crypto.com wallet.

This accumulation has occurred when the asset is leveraging the recent market-wide rally to recover losses of the past few days, as an increase in weighted sentiment triggers a surge in demand from investors.

Lookonchain, a blockchain surveillance resource, called public attention to the transactions in a tweet today. According to the disclosure, the whale received 250 million DOGE from a wallet affiliated with the Singapore-based exchange Crypto.com. Data from Bitinfocharts reveals that the transaction occurred today at 10:23 (UTC).

Whale “D7vrVR” received 250M $DOGE($63M) from #cryptocom 1hr ago and became one of the top 20 holders of Dogecoin.

And he also received 200M $DOGE($39M) from #cryptocom yesterday.https://t.co/Bzxiqoed4T pic.twitter.com/Lr4dXpYj05

— Lookonchain (@lookonchain) February 16, 2023

However, the whale received 200 million DOGE from Crypto.com in a separate transaction yesterday at 02:17 (UTC). Following the latest transaction, the balance on the address surged to 709.28 million DOGE, valued at a whopping $62.7 million. This makes the address the 20th biggest Dogecoin holder as of press time.

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These transactions are part of an accumulation trend some DOGE whale addresses have recently embarked on amid the price uptick. Blockchair data reveals that a newly-activated address amassed a whopping 53.1 million DOGE ($4.65 million) today at 11:47 (UTC). Shortly before this, another address was seen to have accumulated 92.2 million tokens ($8.04 million).

DOGE Sentiment Hits a 4-Month High

This whale accumulation campaign has picked up when bullish sentiments surrounding Dogecoin are seeing a surge. Seasoned analyst Ali Martinez highlighted this uptick, citing Santiment data. Data from a Santiment chart reveals that weighted sentiment around DOGE had reached 6.199, a value last seen in October 2022 when the asset rallied by 160%.

Social sentiment around #Dogecoin hasn’t been this positive since October 2022, when $DOGE pumped 160%, shows data from @santimentfeed. pic.twitter.com/hMrvm4sYgt

— Ali (@ali_charts) February 16, 2023

Social volume has also increased, reaching a high value of 4317, its highest point this year. This is a testament to the surge in the asset’s social activity, particularly following billionaire Elon Musk’s tease of a new Doge Twitter CEO yesterday.

Meanwhile, DOGE has gained by 1.49% in the past 24 hours, but it is trailing behind most assets despite the uptick in social activity. The asset changes hands at $0.08759 after facing slight rejection at the $0.088 price point.

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