In a fascinating development within the Dogecoin ecosystem, DOGE whales have been causing a stir with their significant activity in recent days, reaching surprising new heights. On May 31, renowned cryptocurrency analyst Ali Martinez shared a survey revealing that large holders of this memecoin had moved approximately US$112 million in just three days.
Martinez shared a chart from the analytics platform Santiment, which clearly depicts this high level of movement. Alongside the chart, the expert wrote, “Dogecoin whales have purchased over 700 million $DOGE in the last 72 hours, worth around $112 million!”
It is worth noting that the cryptocurrency analyst previously shared an analysis on May 28, in which he highlighted the potential for Dogecoin (DOGE), the largest meme cryptocurrency, to double its price in the near future. Currently, DOGE is attempting to recover following a recent downturn in the broader market.
In other news, amid the recent decline in the market, whales of Ethereum (ETH), the second-largest cryptocurrency, have begun accumulating tokens in their portfolios. Martinez recently shared observations indicating a shift from selling to accumulation among these large ETH holders.
“There has been a notable increase in Ethereum addresses holding more than 10,000 $ETH, indicating a shift from distribution to accumulation!” Martinez wrote.
Could this accumulation be a sign of an imminent bull run for the cryptocurrency Ethereum (ETH)? In a surprising turn of events, the Securities and Exchange Commission (SEC) approved the first Ethereum exchange-traded funds (ETFs) on May 23, resulting in a gain of over 25% for the market’s second-largest cryptocurrency.
According to a report by analytics platform Kaiko on May 27, there has been a drastic shift in sentiment around Ethereum following the unexpected SEC approval of spot ETH ETFs. Will Cai, head of indexes at Kaiko, highlighted in the report that the SEC’s approval of Ethereum ETFs implies that the regulator does not consider the second-largest cryptocurrency to be a security.
At the time of publication, the price of Ethereum was quoted at US$3,821.12, with a 1.3% increase in the last 24 hours.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Is a bull run imminent for Ethereum? The price of ETH cryptocurrency has risen 25% since the approval of ETFs for Ethereum. Additionally, the price of Dogecoin (DOGE) could potentially double soon.