---
title: "Dogecoin Whales Shake The Market With 265 Million DOGE Buy, Can They Send It To $1?"
url: https://diffcoin.com/dogecoin-whales-shake-the-market-with-265-million-doge-buy-can-they-send-it-to-1/
description: "Dogecoin holders are accumulating DOGE tokens amidst the recent price dip from $0.1686 to $0.1423."
published: 2024-05-10
updated: 2024-05-10
author: "Mila"
site: "Diffcoin"
---

# Dogecoin Whales Shake The Market With 265 Million DOGE Buy, Can They Send It To $1?

Dogecoin holders are accumulating DOGE tokens amidst the recent price dip from $0.1686 to $0.1423. DOGE recently went on a price surge to cross above the $0.168 price level on May 6 to push 5.21 million addresses into profitability. However, the cryptocurrency reversed and went on a little correction throughout May 7. According to on-chain data from Santiment, large DOGE holders capitalized on this drop and added around 265.86 million DOGE tokens to their wallets.

## Whales Accumulating DOGE

According to data from Santiment, an on-chain analytics platform, DOGE addresses holding between 100 million to 1 billion DOGE recently saw their cumulative holdings increase by 1% on May 7 to reach 21% of the total supply. Interestingly, the number of tokens held by this cohort of traders increased by 265.86 million DOGE, worth approximately $41.2 million. This increase, when compared to their holdings a day before, indicated a notable change from a previous 342 million DOGE outflow from large holders.

Recent on-chain data suggests that this accumulation from exchanges is still ongoing. Interestingly, data from Whale Alerts indicated an example of an accumulation of 120 million DOGE tokens worth $18 million from crypto exchange Robinhood in the last few hours. This continued accumulation suggests that a few whales are still in bullish sentiment for DOGE and are positioning themselves for when their bullish outlook eventually materializes.

![Dogecoin](https://bitcoinist.com/wp-content/uploads/2024/05/Dogecoin_05d146.png?w=512&resize=660%2C223)

```
Santiment
```

## Why Does This Matter For Dogecoin?

Whale movement and sentiment are essential for any cryptocurrency, particularly for a meme token like Dogecoin, whose value is mostly driven by hype and market sentiment and not by a demand for its utility. These whales typically move the market, and an accumulation or selloff from a few large traders could change the sentiment of other investors.

At the time of writing, DOGE is trading at $0.1516. The price correction between May 6 and May 9 seems to have ended after bouncing off at the $0.143 level. Currently, DOGE is up by 3% in the past 24 hours and 14% in the past seven days. Consequently, this shows that the accumulation may have contributed to a bullish effect on the price of DOGE.

On a larger timeframe, the $0.143 price level is a strong support level for DOGE. The recent bounce could be a starting point for the next leg up to new highs this month. A continued accumulation from the bulls could send the price of Dogecoin across resistances at $0.16 and $0.20. This, in turn, could lead to DOGE finally pumping above its current all-time high and eventually reaching $1. For this to happen, many bullish factors apart from accumulation need to be put in place. On the other hand, a bearish reversal could see DOGE falling to the next support at $0.13.

According to Santiment, most of the attention surrounding meme coins is going into TRUMP, TURBO, PONKE, and MYRO.

![Dogecoin price chart from Tradingview.com](https://www.tradingview.com/x/DdVMirOT/)

```
DOGE Price above $0.15 | Source: DOGEUSDT on Tradingview.com
```

Featured image from Markets.com, chart from Tradingview.com

[Source link](https://bitcoinist.com/dogecoin-whales-265-million-doge/)