In the past 24 hours, 50 huge altcoin whales have poured millions of dollars into Binance. It was noteworthy that the transactions came during the rally.
Altcoin whales pile this cryptocurrency on Binance
According to blockchain analytics platform Lookonchain, the 50 largest Dogecoin whales prefer to sell in bulk. Major investors hold 87.1 billion DOGE, worth approximately $12.35 billion at current prices. These investors own approximately 63.71% of the circulating supply. That’s about 66.5% of Dogecoin’s market cap.
https://twitter.com/lookonchain/status/1587352508174782464
According to Lookonchain analysis, the 50 largest DOGE whales have slashed 21 million DOGEs, worth about $3 million, from their wallets in the past 30 days. However, the analysis shows that over the past week, these whales have sold 761 million DOGEs worth about $110 million. The sell-off came after the news that Tesla CEO Elon Musk had bought Twitter. Meanwhile, whales were cashing in on their wallets as the price of the meme coin surged last week. Dogecoin, on the other hand, is stalling after rising 150% since last week.
In the overall picture, 50 whales bought 484 million DOGEs worth $70 million during the day. Over the past week, 12 out of 50 whales have increased their investment, while 7 have reduced their risk. The analysis also reveals 15 passive traders among whales who have not traded in the past 6 months. Eighteen of the top 50 were early investors who bought DOGE before 2020. Also new investors, 13 of whom have purchased tokens in the last 6 months.
According to the analysis, $177 million and $6.7 million worth of Dogecoin poured into Binance and Crypto.com crypto exchanges last week.
Dogecoin changes direction as buyers get tired
After several days of token accumulation and the corresponding price increase, it seems that DOGE buyers will no longer be able to support a significant price increase. DOGE’s price has increased by 16% in the last 24 hours, according to CoinMarketCap data. However, the trading volume decreased by 10% in the same period. This was a classic indication that a reversal of prices was imminent as buyers in the DOGE market witnessed exhaustion.
Also, data from Santiment revealed an increase in Dogecoin’s social dominance. As of this writing, DOGE’s social dominance was 28.38%, a six-month high.
A rally in a coin’s social event acts as a harbinger of a price rally. On the other hand, a sustained increase in social dominance during a price rally often signals a price reversal. According to Santiment, as DOGE’s social volume peaked just after the local summit on October 29, he said:
DOGE social dominance increases herald price returns.
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