Dogecoin Whales May Be Accumulating Amid Price Swings, Indicating Potential Long-Term Confidence
Main Idea
Dogecoin whales accumulated significant amounts of DOGE during mid-July price swings, indicating strong confidence and reduced sell pressure despite market fluctuations.
Key Points
1. Dogecoin whales accumulated 130 million DOGE within 24 hours amid price swings, increasing total holdings to 50.79 billion DOGE during the July rally.
2. Exchange outflows dominated between July 18 and 22, with multiple outflows exceeding $20 million, suggesting whales were moving DOGE off exchanges rather than selling.
3. Despite a price decline from $0.287 to $0.21 between July 20 and 28, whale holdings remained stable near 50.54 billion DOGE, indicating no significant sell-off.
4. Inflows to exchanges spiked between July 11 and 17, reaching $50-$60 million, coinciding with the buildup to DOGE’s price rally.
5. Whale behavior suggests long-term confidence in DOGE, as they held during market dips to maintain positions, reducing short-term selling pressure.
Description
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