A crypto analyst says whales have abruptly amassed tens of millions of dollars worth of Dogecoin (DOGE) in just a few days.
Crypto strategist Ali Martinez tells his 63,100 followers on social media platform
Using data from analytics platform Santiment, Martinez says the sudden DOGE accumulation of whales comes as sentiment for the leading memecoin is near its 2024 low.
“Market sentiment for Dogecoin is as bearish as it was in early February, just before DOGE skyrocketed 200%!”
Dogecoin made a big splash in February when it rose from $0.077 on the first day of the month to $0.228 on March 28. At the time of writing, DOGE is worth $0.159.
Looking at Dogecoin rival Shiba Inu, Martinez says crypto exchanges are suddenly witnessing a huge influx of SHIB.
“Shiba Inu: More than four trillion SHIB have been sent to crypto exchanges in the last two weeks, worth approximately $103 million!”
At the time of writing, SHIB is trading at $0.000025.
As for the best smart contract platform Ethereum, the crypto strategist says the number of mega whale ETH wallets is increasing.
“There has been a notable increase in the number of Ethereum addresses holding more than 10,000 ETH, indicating a shift from distribution to accumulation!”
At the time of writing, ETH is worth $3,790.
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Featured image: Shutterstock/Ruslan__Grebeshkov/Viaire