Dogecoin has reached another historic milestone, as Dogecoin whales recorded its largest week of accumulation since January 2024. Over 2.1 billion DOGE tokens were purchased during this period, highlighting the resurgence of interest and renewed confidence in the dog-themed meme coin among leading large-scale investors.

Dogecoin Whales sets a modern accumulation record

Over the past week, Dogecoin whales have shown a significant accumulation trend, by purchasing more DOGE tokens than at any time since the beginning of this year, when positive sentiment around meme coins was high. Data from IntoTheBlock revealed that a lot Dogecoin addresses holding vast amounts of tokens accumulated over 2.1 billion last week.

Additionally, Dogecoin whale activity it has increased sporadically over the past few weeks. The platform informs about it gigantic investors moved approximately 16.24 billion DOGE tokens worth $2.76 billion in the last seven days. Over the past 24 hours, these whales have transferred another staggering 8.53 billion tokens worth approximately $1.29 billion.

It’s recent Dogecoin whale accumulation the trend represents one of the most significant purchases in the last few months. The acute raise in whale activity is also due to: Dogecoin price shows modern dynamics, recording price increases despite greater market volatility.

Most often, whale activity is considered a mighty indicator of market sentiment, which suggests that investors are likely bullish on a particular cryptocurrency. Taking into account huge influence these so-called whales may hold cryptocurrency, market experts are closely monitoring their transactions and movements to assess potential impact on price trends and overall market dynamics.

In the case of Dogecoin, data from CoinMarketCap shows that the meme coin’s price has increased by 6.01% over the past week. This price raise coincides with a recent raise in whale activity. Moreover, with Dogecoin closing October in greenthe potential for further price increases still exists.

Given the raise in whale activity, DOGE also saw an raise in market capitalization and trading volume. Meme coin trading volume increased by 30.95% and the market capitalization increased to $22.12 billion, securing its position as the 8th largest cryptocurrency.

DOGE TD flashes a buy signal sequentially

While Dogecoin whales are on a significant accumulation spree, cryptocurrency analyst Ali Martinez has done just that exposed a modern technical indicator signaling a change in market sentiment. The Sequential TDa popular tool for identifying trend reversals, is currently gaining popularity buy signal for Dogecoin.

According to Martinez, a buy signal appeared on Dogecoin’s 4-hour chart, suggesting that the meme coin may be trading ready to move upwards. In delicate of this trend, the analyst predicts that if Dogecoin maintains its price above the $0.141 support, the meme coin could rebound to $0.162. It should be noted that according to CoinMarketCap, the price of Dogecoin is currently $0.15.

Featured image created with Dall.E, chart from Tradingview.com