The price of Dogecoin has already increased significantly during the past week. The meme coin has already appreciated more than 150% in just seven days to hit a new high of $0.16. Investors have undoubtedly exploited the situation during this period to sell some of their coins for a profit. The most noteworthy of these were the largest DOGE investors, who sold tokens valued at millions of dollars.
Around a billion-dollar worth of tokens are shared among the top 50 Dogecoin holders, and these investors also belong to the profit booking club. Their selling behaviours have changed noticeably, indicating that they have been profiting from the most recent price increases for DOGE.
Over $110 million worth of tokens has been sold by these huge whales, who control 63.71% of the cryptocurrency’s entire supply. It represents a huge increase over their previously recorded selling trends, which indicate only $3 million in sales over 30 days followed by the transfer of 761 million tokens to centralised exchanges for sale. The entire amount of DOGE that has entered major exchanges is more than $180 million.
The sale of their assets is not the only priority for these big giants. In fact, over a day, these investors made some significant purchases totalling $70 million. As a result, even while there is still a surplus of coins being sold rather than bought, there is still enough demand to absorb the excess supply.
There is still a lot of hope for Dogecoin despite the amazing rally it has had over the past week. The community still has high hopes for Elon Musk’s takeover of Twitter because they believe he will attempt to integrate his preferred meme coin into the social media site.
At a time when the majority of the market is fighting to hold on to its low double-digit gains, it would be a surprising turn for the coin to continue its triple-digit rally.