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The Dogecoin network shows spikes in balances at the top 20 addresses
One of the largest wallets on the Dogecoin network has added 10,215,567 DOGE coins, which is roughly equivalent to $899,481 USD, according to a recent report. DOGE coins are transferred from multiple wallets to recipient wallets, and this trend of accumulation has been going on for a while.
Accumulation is a term used in the crypto industry to describe the process of acquiring large amounts of tokens over a long period of time. This could indicate that a large investor or group of investors is pooling certain tokens, which could signal a potential future price increase. It can also indicate that investors have confidence in the token and its long-term potential, which may attract other investors to the asset.
The DOGE token has been in the news frequently in recent months due to its volatile price movements and the influence social media influencers have on its value. However, the token has remained stable in terms of price in recent days, hovering around $0.08. Unfortunately, it has lost around 2% of its value in the last 24 hours, which may worry some investors.
Despite this drop in price, the addition of a significant amount of DOGE tokens to one of the network’s largest wallets suggests that some investors still have faith in the token’s long-term potential. Whether or not this accumulation will lead to an increase in price remains to be seen, but it is a significant development for the DOGE network.
At press time, Dogecoin has not yet reacted to the large accumulation of funds in the whale’s address and has not shown tremendous volatility in the market.
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