Dogecoin Whales Accumulate Billions: Speculating on Their Intentions

• Dogecoin whales accumulate billions: Analyst Ali Martinez’s findings.
• Meme coins show volatility: Santiment reports SHIB, DOGE, and APE movements.
• Social media sentiment boosts DOGE: Santiment observes price fluctuations.

Crypto analyst and trader Ali Martinez recently shared data on Twitter (now called the “X app”) concerning significant accumulation of the original meme coin, Dogecoin, by whales. According to his tweet, over the past few weeks, these wallet owners have substantially increased their holdings of the meme coin.

Ali presented an IntoTheBlock chart displaying that DOGE whales, varying in capacities, acquired a total of three billion Dogecoin in the span of three weeks, amounting to $225 million. The acquisition activity began on July 3, as indicated in the chart screenshot.

Santiment shared data about meme coins taking off

In another development, earlier today, Santiment reported positive movements for meme coins such as SHIB, DOGE, and APE. Shiba Inu witnessed a brief surge of 2.63% but followed by a decrease of 4.16%. DOGE, on the other hand, experienced a significant 8% increase, then faced a 5% drop, only to rise again by 3.77%.

As for APE, it saw an initial increase of 3% but subsequently declined by 3.5%. Santiment attributed these rises, particularly in DOGE’s case, to heightened spikes in social media sentiment, stating that “DOGE excitement is heating up.”