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DOGE Price Moves as Dogecoin Whales Go on Buying Spree

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  • The cryptocurrency market is showing signs of revival on Friday night, with many assets charting impressive gains, led by BTC.
  • Dogecoin is also well in the green, which comes after a substantial accumulation spree by DOGE whales.

Dogecoin was once among the biggest beneficiaries of Donald Trump’s victory in the US elections, shooting up by triple-digit percentages within a month or two to a multi-year peak of almost $0.5.

The asset failed to break that level on a couple of occasions and went south hard during the correction in the past few months. Earlier this week, the OG meme coin reached a five-month low of $0.13 amid the escalating tension in the Trade War.

However, DOGE reacted well to this massive drop and jumped past $0.165 yesterday. Although it failed to maintain its run and was pushed south to under $0.15 in the following hours, it now trades above $0.16 after a 6% daily surge.

The latest price spike comes after a substantial acquisition made by whales. These large market participants have scooped up over 80 million DOGE in the span of just 24 hours.

Although this is far from being the biggest single-day accumulation of DOGE, it still shows a bullish trend in times of price corrections. The more whales purchase, the fewer tokens remain for immediate sales and it could serve as an example for smaller investors who tend to follow the bigger ones.

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