Here’s why Dogecoin whales are scooping up DOGE while the meme coin price stagnates

Dogecoin network’s large wallet investors scooped up nearly 200 million DOGE tokens over the past month.
Whales continued accumulating DOGE tokens while the Shiba-Inu-themed token faces competition from meme coins like PEPE.
Experts are bullish on the Shiba-Inu-themed token despite DOGE trade volume being shadowed by frog-meme inspired PEPE.

Ekta Mourya FXStreet

Dogecoin, the largest meme coin by market capitalization is facing intense competition from internet meme inspired PEPE. The token has overtaken DOGE in trade volume and challenged Shiba Inu with its rising market capitalization.

Also read: Ethereum price rally to $2,000 likely fueled by this developmental catalyst in ETH

Dogecoin whales accumulate nearly 200 million DOGE tokens

Large wallet investors in the Dogecoin network have scooped up DOGE tokens consistently since April 5. Based on data from crypto intelligence tracker Santiment, DOGE whales holding between 10,000 and 100,000 and 100,000 and 1,000,000 DOGE tokens have scooped up nearly 200 million Dogecoins.

DOGE whale accumulation

The asset’s price witnessed a pullback since April 8, 2023. Interestingly, despite the rising uncertainty in the meme coin ecosystem and the shift in spotlight from Shiba-Inu-themed coins to PEPE, whales have continued their accumulation of DOGE.

PEPE’s trade volume exceeded that of DOGE’s rival meme coin Shiba Inu and Dogecoin on several instances based on data from CoinGecko. The rising popularity of PEPE and its meteoric gains, nearly 300% rally over the past weekend challenged the dominance of SHIB and DOGE in the crypto ecosystem.

Interestingly, accumulation by whales, a typical bullish sign, supports a thesis for Dogecoin’s recovery in the short-term.

Crypto influencer and YouTuber Jeremie Davinci recently shared his bullish thesis on DOGE.

Crypto influencer is bullish on Dogecoin for this reason

Despite the shift in macroeconomic outlook, changing meme coin landscape and stagnant price trend of Dogecoin, influencer and trader Jeremie Davinci is bullish on Dogecoin. Davinci is an early Bitcoin investor turned millionaire, and the expert argues that he will hold on to his BTC, while exchanging Cardano to scoop up more DOGE tokens.

The YouTuber has been a strong advocate of Shiba-Inu-themed meme coins SHIB and DOGE and remains bullish despite Dogecoin price stagnating at $0.079.

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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