Pandoraland

Nothing to Hide

Dogecoin (DOGE) Large Holders Scoop 708 Million Coins, Target Double-Digit Gains

Ukraine seizes $19,500 from crypto wallet dedicated to supporting Russian forces

Dogecoin (DOGE) Large Holders Scoop 708 Million Coins, Target Double-Digit Gains

Elon Musk's "D.O.G.E" post on X triggers a 9% surge in Dogecoin's price, drawing attention from large holders. Whale activity rises, with netflow up 832%, signaling increased DOGE accumulation worth over $69 million. Positive market sentiment and growing demand may push Dogecoin’s price higher, with potential gains of 22%.

Elon Musk’s cryptic “D.O.G.E” post on the social media platform X (formerly Twitter) on September 7 has sparked a surge in Dogecoin’s (DOGE) value. Since the post, the meme coin has seen a 9% increase in price.

Whales have also ramped up their trading activity, positioning Dogecoin to potentially extend its recent gains.

Dogecoin Whales Set Their Eyes on More Gains

DOGE’s large holders have increased their coin accumulation following the price rebound that followed Musk’s “D.O.G.E” post. According to IntoTheBlock’s data, the meme coin’s large holders’ netflow has spiked by 832% over the past seven days. This represents an accumulation of 708 million DOGE coins worth over $69 million at current market prices. 

Dogecoin Large Holders’ Netflow. Source: IntoTheBlock

DOGE large holders, or whale addresses controlling more than 0.1% of its circulating supply, play a crucial role in price movements. Their netflow, which tracks the difference between coins bought and sold over time, provides key insights. A spike in netflow signals increased accumulation by these whales, often prompting retail investors to follow suit, which is typically a bullish indicator.

Since Elon Musk’s post, DOGE’s weighted sentiment has shifted from negative to positive. According to Santiment data, DOGE’s current weighted sentiment, a measure of market mood, sits at 0.59, reflecting growing optimism.

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

Dogecoin Weighted Sentiment. Source: Santiment

When an asset’s weighted sentiment is positive, it indicates that the majority of social media mentions, news articles, and online discussions are bullish.

DOGE Price Prediction: Double-Digit Gains on the Horizon

Dogecoin’s rising price is supported by a surging Chaikin Money Flow (CMF), which measures money flow into the market. Currently in an uptrend at 0.08, the positive CMF indicates that buying pressure is outweighing selling activity. As the CMF rises, it suggests strengthening buying momentum, potentially sustaining Dogecoin’s uptrend.

Additionally, Dogecoin’s On-Balance Volume (OBV), which tracks buying and selling pressure, has also been climbing over the past few days. This upward trend in OBV signals strong demand for DOGE, potentially pushing its price higher.

Read more: 10 Best Altcoin Exchanges In 2024

Dogecoin Price Analysis. Source: TradingView

If this buying momentum continues, DOGE could rise by an additional 22%, reaching $0.11. However, if whale accumulation slows and large holders start selling for profit, the meme coin’s value could drop, potentially revisiting its August 5 low of $0.08.

Top crypto platforms | September 2024


AlgosOne
Explore


BYDFi
No KYC


M2 Exchange
Explore


Exodus
Explore


Сoinex
Explore
Top crypto platforms | September 2024


AlgosOne
Explore


BYDFi
No KYC


M2 Exchange
Explore


Exodus
Explore


Сoinex
Explore

Top crypto platforms | September 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.