Dogecoin (DOGE) has seen increased adoption among cryptocurrency whales in the last week. Because the token price is low, these investors want to increase their holdings in cryptocurrency. New whale investors are becoming interested in cryptocurrency apart from existing investors who are purchasing more Dogecoin.
A popular cryptocurrency analyst, Ali Martinez, reports that six whale investors joined the Dogecoin network last week. These investors purchased 620 million DOGE, approximately $37.2 million at the current exchange rate.
“Roughly six new whales have joined the network, scooping up approximately 620 million DOGE,” he said.
Other high-net-worth individuals have also adopted the canine-themed token in the last week. As a result, the number of addresses holding 100 million to 1 billion Dogecoin has increased. Martinez stated that the number of addresses holding 100 million to 1 billion Dogecoin had increased by 5.13% in the previous week, citing an IntoTheBlock chart.
“The number of addresses holding 100 million – 1 billion $DOGE has increased by 5.13% over the past week”.
DOGE Increases 3.2% in 24 Hours
Dogecoin’s price has risen slightly due to whale investors’ massive adoption of cryptocurrency. Dogecoin is up 3.2% in the last 24 hours and 3.1% in the last seven days, according to data from cryptocurrency aggregation platform Coingecko.
Although the small gain pales in comparison to the numerous losses DOGE has suffered since reaching an all-time high of $0.73 last year, investors remain optimistic that the token’s price will rise again. As a result, the token has found widespread acceptance among whale investors. Dogecoin is currently trading at $0.06 at the time of writing.
The reason behind so many whale investors investing in cryptocurrency is not entirely clear. It is understandable why investors continue to invest millions of dollars in Dogecoin, considering the support it has received over the years from top cryptocurrency stakeholders like Elon Musk and Mark Cuban.