A crypto whale gobbled up more than $38 million worth of Dogecoin (DOGE) over three days this week to become one of the richest DOGE addresses in the world.
The blockchain follow-up Twitter account Lookonchain grades that the whale bought 200 million DOGE on Tuesday and then another 250 million of the asset early Thursday morning.
DOGE is worth $0.0858 at the time of writing. The 10th-ranked crypto asset by market capitalization is down nearly 5% in the past day, but is still up more than 5% in the past week. It has also increased by approximately 22% since the beginning of 2023.
The whale now has a balance of over 709.2 million Dogecoin worth over $60 million, making it the 20th largest DOGE wallet in the world, according to BitInfoCharts.
The whale acquisitions come as social sentiment around Dogecoin increases, according to the crypto analytics firm. holyday.
Santiment points out that the crowd’s positive view of the memecoin is actually bearish for the asset.
“This pattern of social volume and highly positive sentiment towards Dogecoin perfectly illustrates how euphoria creates price spikes. Regardless of his view on DOGE, the hype around this particular asset historically heralds market corrections.”
Despite Dogecoin’s price gains this week, it is still more than 88% below its all-time high of $0.731578, which it hit in May 2021.
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