In the past week, major Dogecoin holders have made significant moves, adding over 100 million DOGE to their reserves. This activity was noted without media noise, raising interest.
Changes in Dogecoin Holdings
According to Santiment data, the total holdings of investors holding between 1 million and 10 million DOGE increased from 10.42 billion DOGE to 10.55 billion DOGE by April 30. This represents a net increase of over 100 million DOGE in less than two weeks.
Price Increase as Accumulations Occur
Amidst the increase in holdings, the price of DOGE rose from $0.145 on April 13 to $0.176 by the end of the month, reflecting a growth of over 21%. Charts show that the price reacted as accumulations intensified, while signs of retail investor interest were absent.
What Drives the Actions of Major Holders
The actions of major holders, often referred to as 'smart money', may signal that they sense changes in the market. The increase of 100 million DOGE appears too structured to be random, indicating potential strategic positioning ahead of possible market shifts.
While the recent actions of DOGE's major holders are noteworthy, the question remains whether they are preparing for long-term changes in the market.
