In the space of one week, the price of Dogecoin has already pumped tremendously. The meme coin is already up more than 150% in a 7-day period to reach a new six-month high of $0.16. During this time, investors have no doubt taken advantage of the situation to actually sell some of their coins for a profit. Most notable of these have been the largest DOGE investors, who have dumped millions of dollars worth of tokens.
Shedding Some Weight
The top 50 Dogecoin holders have billions of dollars worth of tokens spread across them, and these investors have not been left out of the profit-taking. A marked increase in their selling patterns shows that they have been taking advantage of DOGE’s most recent price pumps.
These large whales who hold 63.71% of the crypto’s total supply have sold more than $110 million worth of tokens in the last week. It is a significant increase from their established selling patterns which shows only $3 million sold in a 30-day period and then 761 million tokens being moved to centralized exchanges to be sold. In total, there have been more than $180 million worth of DOGE that has flowed into exchanges such as Binance and Crypto.com.
We did an analysis of the top 50 holders of $DOGE.
Here are some of our findings.#dogecoin #DOGEUSDT #DogecoinRise #DOGE #DogecoinToTheMoon pic.twitter.com/9BLO1nMB8B
— Lookonchain (@lookonchain) November 1, 2022
However, all roads do not lead to dumps as these large whales are not entirely focused on selling off their holdings. In fact, there have been some significant buying by these investors to the tune of $70 million over a 24-hour period. So while there are still more coins being sold than those being purchased, it shows that there is still demand to soak up the supply being dumped on the market. The time frame of the additions also points towards expectations of further upside for the meme coin.
More Upside Expected For Dogecoin
Despite the incredible rally that Dogecoin has seen over the last week, there is still a lot of expectation for the meme coin. All of the expectations still have to do with Elon Musk’s takeover of Twitter as the community expects that the ‘Dogefather’ would work towards incorporating his favorite meme coin into the social media platform.
DOGE price reaches new 6-month high | Source: DOGEUSD on TradingView.com
Given this, forecasts for DOGE have been placed above the $0.2 level. If this happens, it would be a 180-degree turn for the digital asset at a time when the majority of the market is struggling to hold on to their low double-digit gains.
The increase in the number of DOGE investors who are currently recording a profit is also serving as a beacon for investors to put money in the asset. If Musk were to announce a Dogecoin integration of some kind into Twitter, even if just the addition of the digital asset to the “Tip Jar” feature, then a rally to $0.2 swims into clear view.
Featured image from AMBCrypto, chart from TradingView.com