Dogecoin (CRYPTO: DOGE) might be struggling, but large investors are seizing the moment to load up on the memecoin at a discount.
Whales May Be On To Something
Widely followed cryptocurrency analyst Ali Martinez highlighted in an X post that whales accumulated over 200 million DOGE tokens over the last week. At the prevailing prices, this amounted to $16.80 million.
The buying occurred as the price tested a major multi-year support level around $0.081, a zone with significant historical concentration of DOGE tokens.
Notably, Grayscale Dogecoin Trust ETF (NYSE:GDOG), 21Shares Dogecoin ETF (NASDAQ:TDOG), and Bitwise Dogecoin ETF (NYSE:BWOW) attracted over $662,000 in net inflows for the week ending June 5, per data from SoSo Value.
