Whales Accumulate 3 Billion DOGE: The Impact on Dogecoin’s Price and its Leap Over Cardano in Market Cap

With its recent surge in price, Dogecoin has managed to outpace Cardano in the market cap rankings. According to a recent tweet by crypto analyst LaCryptoLycus, Dogecoin has climbed to the #7 spot, leaving Cardano’s market cap behind. This development has sparked a wave of excitement among Dogecoin enthusiasts who are eagerly watching the coin’s progress.

Dogecoin’s rise in the rankings is not an isolated event. Over the past three weeks, Dogecoin whales have reportedly purchased around 3 billion DOGE, equivalent to $225 million, as per a tweet by Ali, a well-known figure in the crypto chart analysis space. This significant influx of capital has undoubtedly played a role in Dogecoin’s impressive performance.

The accumulation was likely due to the anticipation of Dogecoin’s incorporation into Twitter as Musk rebranded the social media giant.

Dogecoin’s price has seen some interesting movements in the past month. The coin reached its all-time high (ATH) for the month on July 21, 2023, when it was priced at $0.0768. On the other hand, its all-time low (ATL) for the month was on July 1, 2023, when it was priced at $0.06644.

In terms of recent price changes, Dogecoin has experienced a slight increase. Over the last 24 hours, the coin’s price has risen from $0.07174 to $0.07727, marking a 3.52% increase. Over the past week, Dogecoin has seen a more significant increase. The coin’s price has risen from $0.06855 on July 18, 2023, to its current price of $0.07427, marking an 13% increase.

As Dogecoin continues to climb the market cap rankings and attract significant investment, it will be interesting to see how the coin performs in the coming weeks. Will Dogecoin continue its upward trajectory, or will it face resistance at its current position? Only time will tell.

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Julian Joseph Lehmann
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