Dogecoin whales return to the market massacre, buying 1,000,000 DOGE
Dogecoin (DOGE) just saw over 1 billion tokens flow into whale wallets, which is hard to say is a coincidence. This move comes as Dogecoin's price briefly dropped to around $0.194 before rebounding, indicating that some major players viewed this drop as a buying opportunity rather than a warning signal.
Data from Santiment shows that between August 5 and 6, wallets holding at least 1 billion DOGE increased by over 1.1 billion DOGE coins. This is one of the largest increases in whale accumulation in the past month, rising from about 71.6 billion to 72.7 billion in one day.
Meanwhile, Dogecoin (DOGE) is strongly rebounding, trading slightly above $0.207. As you can see, the price has been falling since it touched $0.26 in July. There are no factors driving it up. But this rally often speaks louder than headlines, especially when it's so obvious.
Short-term charts show DOGE mostly consolidating after a significant drop, but then quickly rebounded above $0.20 in calm accumulation with low trading volume.
What does this mean?
This usually means one of two things: either someone is betting on an upcoming reversal, or they are establishing positions before something that has not yet been factored into the price. Either way, large buyers typically do not accumulate billions of tokens without reason.
The market has not reacted much yet, but typically, such inflows of funds quickly catch up with the price. Currently, Dogecoin is just sitting there quietly, but clearly, someone has already taken action.
