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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
