Whales Show Special Interest in Dogecoin (DOGE Coin) and 2 Altcoins

The number of addresses holding between 10 million and 100 million DOGE was 660 on 20 December. This number increased to 671 on 26 December

Whales are known for their massive crypto holdings, and their buying and selling activities can significantly impact the market. As we approach the new year, let's examine the coins that have caught the attention of these deep-sea creatures.

According to recent data, whales are showing a keen interest in Dogecoin (DOGE Coin), a meme coin that has seen remarkable growth in the past year. Notably, the number of addresses holding between 10 million and 100 million DOGE has increased significantly. On 20 December, the count stood at 660, which later rose to 671 by 26 December. These large-scale DOGE purchases by whales are certainly noteworthy.

Moreover, DOGE Coin's price has also seen a solid 5% increase over the last seven days. As the token rallies towards the $47 billion mark in market capitalisation, this price growth coincides with the increasing interest from key market participants. This sustained buying activity from whales could potentially support DOGE's price stability.

However, it's worth noting that DOGE Coin's 24-hour trading volume experienced a 7.5% decrease, indicating a slowdown in immediate market activity. Despite this, the continuous accumulation by whales suggests that confidence in the asset remains strong, laying the groundwork for future price growth. If this accumulation trend continues, we can expect to see DOGE Coin maintain its upward momentum. However, the decline in volume also warrants caution, as falling trading activity tends to limit short-term price volatility.

Moving on, another altcoin that has piqued the interest of whales is Injective (INJ). After a period of inactivity, whales have started accumulating INJ once again since 19 December. During the same period, the number of addresses holding INJ between 100,000 and 1,000,000 have increased from 40 to 43. Additionally, the count of addresses holding INJ between 10,000 and 100,000 also rose from 84 to 90.

Injective has also seen a 6% gain in the last seven days, recently reaching a market capitalisation of $2 billion. The token's recent price performance and the increasing whale activity may signal confidence among key investors, potentially supporting INJ's upward momentum in the short term. As the token continues to gain attention, we can expect to see further price movements and market interest.

Finally, whales are also loading up on PAAL AI (PAAL), a token that has seen an impressive 94% increase in the last 30 days. Notably, the number of wallets holding PAAL between 100,000 and 1,000,000 has increased significantly. On 19 December, the count stood at 477, which later rose to 490 by 26 December. However, the count has remained stable over the last two days.

This sustained interest from whales, coupled with PAAL's strong price performance, may indicate investor confidence in the token's potential for further growth. However, the steady wallet activity also suggests that PAAL may be entering a consolidation phase, with market participants awaiting the next catalyst to determine its short-term direction.

The opinions and forecasts in the article belong to the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.

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