Dogecoin pump: DOGE surge prompts dormant whale account to spring to life
17:18, 2 November 2022
A dormant address that contained 2.3m dogecoin (DOGE) or roughly $330,000, has just been reactivated after almost nine years.
The whale had been steadily adding DOGE to its funds since the meme token launched in 2013, according to BitInfoCharts. However, it then completely emptied its funds on 2 November, after the meme token's recent breakout
BitInfoCharts, a wallet tracker, said the whale made a profit of $326,000. However, it was not clear if these funds were emptied directly onto an exchange.
DOGE investors are now speculating over whether the meme token will start to face sell pressure.
DOGE to USD
Dogecoin’s breakout
Elon Musk’s takeover of Twitter has led to another breakout for dogecoin, and it has regained losses made in the crypto crash earlier this year
It reached a high of $0.087 on 28 October, the day the Twitter deal was completed. But DOGE managed to maintain this rally throughout the following week and achieved a high of $0.157 on 1 November.
At the time of writing, on 2 November, DOGE has dipped slightly and was trading at $0.12. However, the meme token was still up 90% over the past week and 115% on the previous month.
However, dogecoin could now be facing some resistance. The top 50 holders, who account for 63% of the total supply, have been reducing their holdings over the past month, according to Lookonchain.
3.
— Lookonchain (@lookonchain) November 1, 2022
The top 50 holders have reduced their holdings by 21M $DOGE($3M) compared to a month ago;
reduced their holdings by 761M $DOGE($110M) compared to a week ago;
and increased their holdings by 484M $DOGE($70M) compared to yesterday.
These holders have emptied their holdings by 21 million DOGE, worth approximately $3m, in the past 30 days.
The past week has seen more than $180m of DOGE enter the Binance and Crypto.com exchanges.
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