Dogecoin Drops 4.642% as Whales Accumulate 158 Million DOGE

Dogecoin's latest price was $0.2661, down 4.642% in the last 24 hours. This price change has been influenced by several factors, including the actions of large investors, or "whales," and the entry of new institutional players into the market.

Dogecoin whales have made a massive purchase, acquiring 158 million DOGE. The purchases were made at an average price of $0.28, and most of these buys came from wallets holding between 1 million and 10 million DOGE. Consequently, these heavy investors currently possess over 11 billion DOGE in aggregate. This accumulation is not incidental, as it coincides with a period of significant price increases for Dogecoin. In the last couple of weeks, Dogecoin has gained over 35%, increasing its price by approximately $0.22 early in August to $0.299 in the middle of September. This price increase added more than $9 billion to Dogecoin’s market cap, which indicates that the whales’ purchase action might have been a significant trigger to the surge. The wallets holding between 1 million and 10 million DOGE have been particularly active in recent days, adding a combined 260 million DOGE to their holdings. On August 25, these wallets controlled around 10.77 billion DOGE, and by September 18, their holdings had grown to 11.03 billion DOGE. The trend in this accumulation is similar to other changes in the past when the participation of large investors significantly influenced the price movements. Further, the level of trading has also shot up, with daily trading volume averaging approximately $450 million in late August. Nevertheless, the volumes were almost twice in the September rally, nearly reaching $1 billion. This is a sharp upsurge in trading activity, which is a good indication that these whale movements are affecting the larger market. In the past, other whale actions have been a significant contributor to Dogecoin price increases. By 2021, when DOGE spiked between $0.05 and $0.73, wallets with 1 million and 10 million DOGE were steadily increasing. The current buying spree suggests that these investors see value in Dogecoin at prices below $0.30, which could point to a potential price surge in the near future.

Thumzup Media Corporation has confirmed its first direct market purchase of Dogecoin. The firm acquired roughly 7.5 million DOGE for around $2 million. The average purchase price stood at $0.2665 per token. This move marks the company’s entry into open-market Dogecoin accumulation. This transaction aligns with Thumzup’s broader crypto strategy. In August, the firm raised $50 million through a stock offering. The capital was designated for digital asset investments and mining equipment expansion. Dogecoin takes a more prominent role in Thumzup’s growing crypto treasury. Alongside DOGE, the company holds assets like Bitcoin, Ethereum, Solana, XRP, and Litecoin. The company began its crypto treasury initiative in January with a $1 million Bitcoin investment. In July, Thumzup received board approval to expand its holdings to a potential $250 million across various cryptocurrencies. The move reflects a shift in the firm’s digital asset focus, with DOGE emerging as a key component. Thumzup plans to acquire DogeHash, a Dogecoin mining operation. DogeHash currently operates 2,500 mining rigs. An additional 1,000 rigs are expected to be installed by the end of the year. This expansion aims to increase the firm’s mining capacity and strengthen its DOGE-related infrastructure. The acquisition supports Thumzup’s longer-term strategy to control a share of Dogecoin’s mining power. It also reflects increased institutional involvement in the memecoin’s ecosystem. To guide these initiatives, Thumzup has added two new advisors to its crypto board. Jordan Jefferson, CEO of DogeOS and co-founder of MyDoge wallet, joins the team. Alex Hoffman, Head of Ecosystem at DogeOS, also comes on board. Both bring experience in Dogecoin infrastructure and scaling technologies. Their addition is expected to support the firm’s treasury expansion and mining roadmap. The company says its background aligns with its vision for building a self-sustaining DOGE ecosystem. Thumzup’s DOGE strategy mirrors a larger trend among companies increasing their Dogecoin exposure. CleanCore Solutions recently surpassed 500 million DOGE, moving toward a 1 billion target. Bit Origin has also disclosed plans to allocate a significant portion of its treasury to DOGE. Market interest continues to build around the proposed REX-Osprey Dogecoin ETF. Approval is pending, and a launch could follow within days.