- Whale addresses on the Dogecoin network increased after six new whales accumulated 620 million units of DOGE.
- Consequently, addresses holding between 100 million and 1 billion DOGE went up by 5.13%.
- DOGE performed second best after XRP, with over a 7% increase in the last seven days.
The number of whale addresses on the Dogecoin (DOGE) network has significantly increased after six new whales joined the investor class by accumulating 620 million units of the meme-inspired token.
According to the crypto enthusiast Ali Martinez, who shared the data on Twitter (NYSE:TWTR) from crypto analytics firm IntoTheBlock, the addresses holding between 100 million and 1 billion DOGE went up by 5.13%.
#Dogecoin | The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M #DOGE. pic.twitter.com/KIw9NnIR3v— Ali (@ali_charts) September 23, 2022
Given the massive investment in the DOGE token by crypto whales, its price has increased by 6.59% in the last 24 hours, while other top coins like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) have been trading in the red.
Of all the top ten cryptocurrencies, DOGE performed second best after Ripple (XRP), with over a 7% increase in the last seven days. XRP increased by 40.71% during the previous seven days, trading at $0.4903, with a 4.80% drop in the previous 24 hours.
At the time of writing, Dogecoin is worth $0.06542, having lost almost 64% of its value this year owing to a general cryptocurrency market collapse.
Elon Musk, the CEO of Tesla (NASDAQ:TSLA), said a few months ago that he wants to keep supporting DOGE wherever possible. Additionally, Tesla trades its merchandise for Dogecoin. Robinhood (NASDAQ:HOOD) Crypto’s first chief operating officer, Christine Brown, asserted earlier this year that the meme-inspired crypto “does not get the credit it deserves” for promoting more extensive usage of cryptocurrencies.
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