Dogecoin whales have become more active over the last 24 hours

According to IntoTheBlock, 3.89 million addresses currently hold Dogecoin. While this may sound impressive, it was 4.55 million three months ago. However, the decrease in the number of holders may not directly affect the token’s market price. But from a primary growth perspective, this could be a key sign.

“Dogecoin | There’s been a significant decline in the number of addresses holding $DOGE, going from 4.55 million addresses to 3.89 million addresses”, Ali Martinez reported.

dogecoin-whales-have-become-more-active-over-the-last-24-hours

Source: Ali Martinez/Twitter

3.89 million addresses now hold dogecoin as whales control 287 million tokens

Also, according to WhaleStats analysis of the top 100 BSC whales, Dogecoin is still among the top 10 assets held by Binance whales, currently controlling 237,474,203 tokens or $33,212,182 worth of Dogecoin at the current exchange rate.

After Tesla CEO Elon Musk announced that he would not be selling his holdings, the price of the Dogecoin joke cryptocurrency jumped more than 9%. Musk had a discreet smackdown with MicroStrategy CEO Michael Saylor, who predicted that weaker coins would decline and capital outflows from other assets to Bitcoin would “intensify.”

Musk turned to Twitter to ask his followers about the “likely rate of inflation” over the next few years after the US Consumer Price Index (CPI) rose 7.9% from a year ago. , the highest level in more than 40 years.

The top holders of Dogecoin appear to be earning the token at a discount amid the current volatile market concerning short-term price action for the cryptocurrency. It may be worth noting that every market cycle has an accumulation phase, during which prices move sideways, and contrarian investors see a buying opportunity at a discount.

According to IntoTheBlock data, Dogecoin whales have become more active in the past 24 hours as large transactions increased by 81%. A spike in large transactions often indicates high activity among institutional players or whales buying or selling.

Dogecoin returns, according to IntoTheBlock data, remain at 53%. More addresses are expected to benefit the network as holders are less inclined to sell to break even their positions.

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