On-chain data shows the Dogecoin whales have gone on a strong accumulation spree recently, a sign that could be bullish for DOGE's price.
Dogecoin (CRYPTO: DOGE) whales have been on a buying spree recently, a sign that could be bullish for the memecoin's price.
According to on-chain data, Dogecoin whales have just increased their holdings by around $1.08 billion. This is a significant purchase, especially considering that DOGE's market capitalization is only around $45 billion.
The buying activity from Dogecoin whales is likely to be closely watched by other traders and investors. If the whales continue to accumulate DOGE, it could help to push the price higher in the coming weeks and months.
However, it's important to note that the cryptocurrency market is highly volatile, and anything can happen. There is no guarantee that Dogecoin will continue to rally, even if the whales are buying.
As always, investors should do their own research before making any trades.
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