Dogecoin Whales Signal Bullish Sentiment, Stack Up to 200 Million DOGE

Despite renewed hype around meme coins, OG Dogecoin's price action has remained relatively muted. But whales appear to be bullish on the property price trail.

According to crypto analyst Ali Martinez, large holders or whales have been actively collecting Dogecoin over the past five days. According to Martinez, such entities have added an impressive 200 million doji to their holdings, indicating a significant level of accumulation since May 30.

Dogecoin is consolidating in a tight range during this period. After briefly touching the highs of $0.174 on May 26, meme coin declined and has been trading at the $0.16 level.

While a trend reversal is unlikely to occur, this DOGE has not caused whales to collect signals.

In fact, big investors have been collecting DOGE. Specifically, between May 29 and May 31, these entities purchased more than 700 million DOGE tokens. Based on the current market value of Dogecoin, the total value of this acquired DOGE stash is around $112 million.

But not everyone is a fan of meme coin. At the Consensus 2024 conference, Ripple CEO Brad Garlinghouse voiced strong criticism of Dogecoin, casting doubt on the token's potential contribution to the cryptocurrency industry.

Garlinghouse believes that Dogecoin will fail, stressing that cryptocurrencies should strive to solve real-world problems.

According to the executive, Dogecoin's appeal stems from speculative enthusiasm rather than practical use cases. This set of tokens is echoed by several market experts who believe that the teams' efforts are focused on developing legitimate products that can drive growth in the industry.