Dogecoin whales raise 700 million DOGE in 72 hours

While meme coins are all the rage right now, the OG Dogecoin has been relatively quiet. DOGE price action has been underwhelming at $0.158, having fallen nearly 4% over the past week.

Despite this, whales have bought over 700 million DOGE in the last 72 hours alone. That reserve is worth about $112 million at the current price of $0.16.

DOGE Whales are piling up

Dogecoin’s recent performance has been mixed. It gained more than 17% on the month, but declined over the past week and fell 0.5% in the last 24 hours.

Whale buyers took advantage of this volatility, with holdings between 100 million and 1 billion rising significantly since May 29, coinciding with a bearish trend reversal. With more than $112 million accumulated by the whales, the current recovery trend is worth noting, according to the latest update from popular crypto analyst Ali Martinez.

The accumulation trend was further validated by Singapore-based crypto trading firm QCP Capital’s observation that traders have shifted their focus to legacy meme coins.

In addition to Dogecoin, tokens such as Shiba Inu (SHIBA) and Pepe (PEPE) have gained significant attention, showing double-digit gains between 10% and 20%. These tokens are now in the top 10 in open interest, indicating increased trading activity and investor interest in the meme coin sector.

SHIB and PEPE Chart Rallies

In the past two weeks, more than 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to crypto exchanges. This move suggests increased trading activity and may indicate a trend of investors looking to capitalize on SHIB’s recent price movements.

This follows Shiba Inu’s Layer 2 scaling solution, Shibarium, which reached a major milestone by processing more than five million blocks since its launch in August last year. The network has also handled more than 417 million transactions, with the number of wallet addresses exceeding 1.8 million.

Meanwhile, PEPE has been on a tear, gaining nearly 130% over the past month. One whale made almost $5 million in profit on the PEPE token in one month, achieving a 52% return on its initial investment, as the token’s price briefly fell 17% from its all-time high. This whale deposited all 660.7 billion PEPE tokens, worth $9.52 million, into a Binance wallet.

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