In a fascinating development within the Dogecoin ecosystem, large holders of the meme cryptocurrency, known as DOGE whales, have been making significant moves in recent days, reaching astonishing highs. According to a survey shared by renowned cryptocurrency analyst Ali Martinez on May 31, these whales have moved a staggering $112 million in just three days.
Martinez shared a chart from the Santiment analytics platform, which visually demonstrates the high volume of movement. In his tweet, he stated, “Dogecoin whales have purchased over 700 million $DOGE in the last 72 hours, worth around $112 million!” This highlights the substantial activity and investment being made by these large DOGE holders.
It is worth mentioning that Martinez previously shared an analysis on May 28, in which he emphasized the potential for Dogecoin to double its price in the near future. Currently, DOGE is striving to recover from the recent market pullback, and these significant moves by the whales could contribute to its upward momentum.
In another interesting development, Martinez also observed a shift in sentiment among whales of the second-largest cryptocurrency, Ethereum (ETH). Despite the recent market declines, these ETH whales have transitioned from a selling mode to an accumulation mode. Martinez notes a notable increase in the number of Ethereum addresses holding more than 10,000 ETH, indicating this shift in strategy.
Martinez shared this observation in a tweet, stating, “There’s been a notable increase in Ethereum addresses holding 10,000+ $ETH, indicating a shift from distribution to accumulation!” This suggests that these whales see potential in ETH and are actively accumulating tokens in their portfolios.
This shift in sentiment towards Ethereum comes after the surprising approval of the first Ethereum exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) on May 23. This approval had a significant impact on the market, with Ethereum experiencing a gain of over 25%.
Analytics platform Kaiko also highlighted this shift in sentiment towards Ethereum in a report published on May 27. Will Cai, the head of indexes at Kaiko, noted that the SEC’s approval of Ethereum ETFs implies that the regulator views the cryptocurrency as not being a security. This further bolsters the positive outlook for Ethereum and its potential for future growth.
As of the time of publication, the price of Ethereum stands at $3,821.12, with a 1.3% increase in the last 24 hours. However, it is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries inherent risks and can result in financial loss.
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