Market Reactions to Dogecoin Whale Accumulations: 200M DOGE Added

• Dogecoin whales have bought 200 million DOGE since May 30, despite the price falling from $0.16 to $0.15.
• Analyst Ali Martinez cites a 47% price correction and anticipates a potential DOGE bull run.
• Elon Musk’s comments may have influenced whale activity, with significant DOGE accumulations stirring market speculation.

Crypto analyst Ali Martinez alerted market participants to significant whale transactions over the past seven days. In a recent X post, Martinez revealed that Dogecoin whales have bought an additional 200 million Doge since May 30.

The analyst used insights from Santiment, an on-chain analytics platform focusing on market and whale data, to explain the whale activity. He posted a Santiment chart displaying Dogecoin’s price trend and volume movement.

According to the chart, Doge’s price dropped over the past seven days despite higher transaction volume. DOGE’s accumulated volume rose from 30.17B to 31.16B, while its price fell from $0.16 to $0.15 over the same period.

Further details from TradingView show that the dog-themed meme coin experienced two red candles over the past 72 hours, resulting in a 2.4% value decline. Meanwhile, Dogecoin’s market trajectory has sparked widespread reactions among investors, especially regarding its price at the end of the month.

Martinez referenced his previous post , noting that DOGE has not broken out of its descending triangle in 2024. Similar to prior cycles, the coin is undergoing a 47% price correction, which could trigger the next ‘DOGE bull run!’

Some crypto owners believe that Dogecoin’s whale accumulation is driven by Elon Musk’s comments regarding cryptocurrency policies. Although Musk has denied such claims, he has expressed support for decentralizing power from governments to individuals, a principle he says cryptocurrency can achieve.

As of now, DOGE trades at $ 0.158515, maintaining a sideways trend over the past six weeks. The coin has risen by 121% year-to-date, outperforming 56% of the top 100 crypto assets. Additionally, Dogecoin is 29.10% above the 200-day SMA of $ 0.122787. Like those observed by Martinez, significant accumulations often generate bullish sentiments, potentially influencing DOGE’s future price movements.