Dogecoin’s downtrend has been ongoing for over six months. Investors loved the meme coin, which was able to rise to new heights. However, this hasn’t been repeated. Investors continue to invest in the digital asset, and this is not a problem. The whales have accumulated large amounts of Doge during the downtrend.
Dogecoin Whales Are Not Giving up
Dogecoin may be far from $0.7, but investors still believe the cryptocurrency is worth investing in. Dogecoin whales are the most enthusiastic about the meme coin, judging by how many they’ve bought in recent months. These whales which hold the majority supply of the digital asset continue to add to their holdings at what can only be described as ‘discount prices.’
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IntoTheBlock records cryptocurrency holdings and the percentage that are in larger wallets. The site’s data shows that Dogecoin whales are increasing their purchasing during this downtrend. Dogecoin’s $0.11 price point was hit by a dramatic increase in trading volumes as large wallets indulged in a spree to buy.
Trading of DOGE starting at $0.115| Source: DOGEUSD on TradingView.com
These wallets increased their Doge holdings by 6.8% in 24 hours. This puts the percentage currently held by whales at 66%. Given the recent low momentum, this is quite a remarkable increase. Doge is now worth more than 60% less than its high point, which presents a great buying opportunity.
Still Making Money
Dogecoin owners are not losing any money, even at low prices considering the rally last year. IntoTheBlock shows 54% of all doge owners are still making profit at the current prices. However, only 45% are still in profit territory. This is not a large gap to their money-making peers. Only 1% are in neutral territory.
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Indicators indicate that investors are mostly negative about the digital asset in terms of market sentiment. However, this does not seem to deter the meme coin’s whales as they have added millions of dollars worth of coins to their holdings.
The whales’ move could signal a rebound trend. It may take higher accumulation numbers to make the needle move that far, as many investors remain bearish.
Featured image taken from Laptop Mag. Chart from TradingView.com