A crypto whale gobbled up more than $38 million worth of Dogecoin (DOGE) over three days this week to become one of the richest DOGE addresses in the world.
The blockchain-tracking Twitter account Lookonchain notes that the whale purchased 200 million DOGE on Tuesday and then another 250 million of the asset on early Thursday morning.
DOGE is worth $0.0858 at time of writing. The 10th-ranked crypto asset by market cap is down nearly 5% in the past day but still up more than 5% in the past week. It’s also up roughly 22% since the start of 2023.
The whale now has a balance of more than 709.2 million Dogecoin worth more than $60 million, making it the 20th-largest DOGE wallet in the world, according to BitInfoCharts.
The whale’s acquisitions come as social sentiment surrounding Dogecoin soars, according to the crypto analytics firm Santiment.
Santiment notes the positive crowd opinion on the memecoin is actually bearish for the asset.
“This pattern of social volume and highly positive sentiment toward Dogecoin perfectly illustrates how euphoria creates price tops. Regardless of your opinion on DOGE, hype on this asset in particular historically foreshadows market corrections.”
Despite Dogecoin’s price gains this week, it remains more than 88% down from its all-time high of $0.731578, which it hit in May 2021.
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