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Dogecoin (DOGE) just saw more than one billion coins move into whale wallets, and it is hard to call that a coincidence. The move came just as DOGE dipped to around $0.194 and then bounced back, which suggests that some major players saw the drop as a chance to buy rather than a warning sign.
Santiment data shows that wallets holding at least one billion DOGE added over 1.1 billion coins between Aug. 5 and 6. That is one of the biggest jumps in whale accumulation over the past month, going from around 71.6 billion to 72.7 billion in a single day.
At the same time, DOGE has made a comeback, trading just above $0.207. As you can see, the price has been dropping since it hit $0.26 in July. There has not been anything to boost it. But this kind of accumulation often says more than the headlines, especially when it is so obvious.
If you look at the short-term chart, you will see that DOGE spent most of the day moving sideways after a sharp drop but then quickly rebounded above $0.20 on low volume in quiet accumulation.
What does that mean?
That usually means one of two things: either someone's betting on an incoming reversal, or they are building a position ahead of something not yet priced in. Either way, big buyers do not usually stack a billion tokens for no reason.
The market has not reacted much yet, but normally these kinds of inflows catch up to the price pretty quickly. Right now, Dogecoin is just sitting there, but it is obvious that someone has already made their move.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team