Dogecoin: Here is How This Address Became One of the Richest Whales
One of the world's richest Dogecoin addresses was created this week after a crypto whale acquired over $38 million worth of DOGE over three days.
The whale purchased 200 million DOGE on Tuesday and added another 250 million early Thursday, now holding a balance of more than 709.2 million DOGE worth over $60 million.
According to BitInfoCharts, this makes the whale the 20th largest DOGE wallet globally. Although the cryptocurrency is ranked 10th by market cap, it has dropped almost 5% in the last 24 hours, but it is still up over 5% in the last week and has risen by approximately 22% since the beginning of 2023.
READ MORE: Bitcoin Greed Index Rises, Altcoins Expected to Outperform – Glassnode Report
Despite the recent price surge, the positive sentiment surrounding Dogecoin is viewed as bearish by crypto analytics firm Santiment.
🐶 This pattern of social volume and highly positive sentiment toward #Dogecoin perfectly illustrates how euphoria creates price tops. Regardless of your opinion on $DOGE, hype on this asset in particular historically foreshadows market corrections. https://t.co/vkUx1AAeix https://t.co/S0OKRaw0rW
— Santiment (@santimentfeed) February 16, 2023
It explains that euphoria generates price tops, leading to market corrections. It is worth noting that Dogecoin is still over 88% below its all-time high of $0.731578, achieved in May 2021.
At the time of writting DOGE is trading at around $0.08672 with a 24-hour trading volume of almost $715 million.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
