In just a matter of days, a cryptocurrency analyst reveals that whales have swiftly amassed tens of millions of dollars worth of Dogecoin (DOGE). Ali Martinez, a crypto strategist with a following of 63,100 on the social media platform X, reports that deep-pocketed investors have acquired 700 million DOGE valued at $112 million within a span of 72 hours. This sudden surge in DOGE accumulation by whales coincides with a decrease in market sentiment for the popular memecoin, reaching levels close to those seen in early February. Martinez points out that this bearish sentiment preceded a massive 200% surge in DOGE’s value.

Source: Ali Martinez/X

Dogecoin experienced a significant rally in February, soaring from $0.077 at the start of the month to $0.228 on March 28th. As of now, DOGE is valued at $0.159.

Martinez also highlights the sudden influx of Shiba Inu (SHIB) on crypto exchanges. According to him, over four trillion SHIB, worth approximately $103 million, have been sent to these exchanges in the past two weeks. Currently, SHIB is trading at $0.000025.

Shifting focus to Ethereum, a leading smart contract platform, Martinez observes an increase in the number of mega whale wallets holding 10,000+ ETH. This suggests a transition from distribution to accumulation of the cryptocurrency.

Source: Ali Martinez/X

At present, ETH is valued at $3,790.

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Disclaimer: The opinions expressed in this article by The Daily Hodl do not constitute investment advice. It is recommended that investors conduct their own thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are undertaken at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl participates in affiliate marketing.

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