On Tuesday, the cryptocurrency community was buzzing with excitement due to new insights regarding Dogecoin whales. Data revelation has helped to paint a far more optimistic picture for the meme-based digital currency.
These high-profile investors bought up nearly 500 million Dogecoins in the recent market dip before the FOMC meeting which put more buying pressure on the asset. like so, the price of DOGE went up by almost 7% during the day with additional positive signals supporting the bullish outlook around the token.
Dogecoin Whales On Buying Spree Signal Gains Ahead
Prominent crypto market analyst Ali Martinez recently reported on X that Dogecoin whales acquired 460 million tokens amidst the recent market dip. This action indicates that major investors are adopting a ‘buy-the-dip’ strategy, which hints at the possibility of price increases in the future.
Right before the FOMC meeting, DOGE experienced a significant drop in activity in the beginning of the week, in line with the general market trend. Nevertheless, the large purchases made by whales have put a bullish direction on the cryptocurrency, which is also supported by the constant increase in the price during the day.
Also, a new development surrounding Elon Musk has propelled the doge meme coin once again to the spotlight.
On January 28, Elon Musk posted on X offering employment to Shibetoshi Nakamoto who is the creator of Dogecoin. Musk commented, “Wanna work at DOGE? Would be kinda perfect,” which responded to Nakamoto claiming that he was currently unemployed and looking for work. That post was deleted almost immediately, but it brought a lot of attention as to what it meant for the price of Dogecoin.
This comes after Santiment’s most recent report which revealed the Dogecoin whales scooped up 460 million tokens. Many people are continuing to be attracted and optimistic about meme token’s future.
At the moment, DOGE is seeing its price increase. Currently, the price stands at $0.3346, which is a rise of nearly 7%. Martinez said that there is a bullish increase due to the $766.45 million short liquidations that will take place if DOGE hits $0.35.
