Dogecoin, the widely known king of meme coins, has quietly become the focus of large investors (whales) recently. In the past quarter, whales have purchased a large number of Dogecoins, causing the transaction volume to rise sharply. The latest data shows that the number of active addresses of Dogecoin has reached the highest point in the past six months, with a total of 84,306 active addresses, indicating that the popularity of Dogecoin is heating up again.
Whales' movements are eye-catching
Not only that, but whales have also begun to take action. Just this month, they quietly absorbed 1.4 billion DOGE tokens, worth about $140 million. This wave of whale buying behavior clearly conveys a message: these big guys believe that Dogecoin is about to usher in major changes.
The impact of the situation in the Middle East on the crypto market
Interestingly, all this happened at a time of turmoil in the global situation, especially the tensions in the Middle East, which brought a certain volatility to the crypto market. However, the whales did not seem to back down from this, but instead acted decisively at such a moment, perhaps they smelled an opportunity.
Dogecoin's recent rebound
Dogecoin's performance has also lived up to people's expectations. Recently, it rebounded to $0.1154. An important driving factor for this wave of rise is that the market optimism caused by China's latest economic stimulus policy has also been transmitted to the cryptocurrency field.
Decrease in exchange Dogecoin balance
At the same time, the Dogecoin balances of major exchanges such as Binance and Bybit have also seen a significant decline. According to CoinGlass data, Binance's Dogecoin withdrawals reached $6.12 million, while Bybit's outflows were $4.46 million.