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6 New Whales Scoop 620M DOGE, As Addresses Holding 100M to 1B Dogecoin Surge Over 5%

6 New Whales Scoop 620M DOGE, As Addresses Holding 100M to 1B Dogecoin Surge Over 5%

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Whale investors choose their interest in Dogecoin.

Dogecoin (DOGE) has gained popularity among cryptocurrency whales over the past week. These investors take advantage of the token’s low price to increase their position in cryptocurrencies. In addition to existing investors acquiring more Dogecoins, new wave investors have also increased interest in the crypto asset.

According to well-known cryptocurrency analyst Ali Martinez, six new whale investors have joined the Dogecoin network in the past week. Together, these investors bought a whopping 620 million DOGE, which is worth about $37.2 million at current exchange rates.

“The largest six new whales have joined the network, raising around 620 million DOGE”, he said.

It is noteworthy that other wealthy investors have also adopted the dog-themed token during the past week. Thus increasing the number of 100 million Dogecoin addresses to one billion. Referring to the IntoTheBlock chart, Martinez said that the number of addresses from 100 million to 1 billion Dogecoin had increased by 5.13% in the past week.

“The number of $100M-$1B DOGE addresses has increased by 5.13% in the past week,” Martinez said.

DOGE rises 3.2% in 24 hours

The massive adoption of Dogecoin by whale investors has caused the price of the cryptocurrency to rise slightly. By information from the cryptocurrency aggregation platform CoingeckoDogecoin has gained 3.2% and 3.1% in the last 24 hours and seven days.

While the slight gain is nothing compared to how many losses DOGE has suffered since reaching an all-time high of $0.73 last year, investors are optimistic that the token’s price will rise again. Hence the widespread use of the token among whale investors. At the time of writing this line, Dogecoin is trading at $0.06.

At the same time, it is unclear why whale investors are showing great interest in cryptocurrency. Follow though The support Dogecoin has received over the years from leading cryptocurrency stakeholders like Tesla’s Elon Musk and Dallas Mavericks’ Mark Cuban, it’s understandable why investors are still committing millions of dollars to cryptocurrency.

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