Wealthy investors amped up their Dogecoin DOGE/USD purchases over the last two weeks, accelerating the meme coin’s recovery from recent lows.
What Happened: In an X post on Tuesday, influential cryptocurrency analyst and trader Ali Martinez highlighted that over 200 million DOGE tokens, worth $38.70 million at current prices, have been accumulated in the past two weeks, indicative of their long-term conviction in the coin despite fluctuations.
These investors bought the dip when Dogecoin plunged to a yearly low of $0.146 two weeks ago. Since then, the world’s leading meme coin has rebounded by 32.53%.
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According to data from IntoTheBlock, whales hold over 41% of DOGE’s circulating supply. Over the last 24 hours, large transactions valued at over $100,000 spiked 41.12%, suggesting high whale interest.
Additionally, over 71% of top trader accounts—users with the highest margin balance—were positioned long on the memecoin, according to Coinglass, suggesting expectations of further upsides.
Dogecoin’s Open Interest also surged 7.88% to a three-week high of $1.98 billion, indicating high speculative interest.
The sentiment has improved in part due to the formation of a reserve of 10 million DOGE tokens, the purpose of which is to advance the use of the coin in real-world payments.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1935, up 4.46% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has plunged 38%.
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