Recently, there has been a significant shift in the holdings of large Dogecoin (DOGE) investors, indicating potential interest from "smart money" in the meme coin.
According to on-chain data from Santiment, investors holding between 1,000,000 and 10,000,000 DOGE added more than 100,000,000 DOGE to their balances. This activity happened quietly, without major news or social media hype. Yet, the numbers speak for themselves.
As of April 13, this category of investors had a combined holding of around 10.42 billion DOGE. However, by April 30, their total investments in the coin went up to over 10.55 billion DOGE.
This means nearly $17.5 million were accumulated in less than two weeks at current prices.
At the same time, the DOGE price went up from $0.145 on April 13 to $0.176 by the end of April - an increase of more than 21%. The chart shows the price reacting as accumulation intensified but without the usual signs of retail attention.
This observation is interesting because it suggests a patient and calculated approach, which is often attributed to larger or institutional investors. In contrast, retail trading is usually characterized by more volatile and rapid reactions to news and market events.
The fact that such a large amount of DOGE was accumulated without any major price pump or social media buzz is also noteworthy. It suggests that this accumulation activity was executed discreetly by investors who may be aiming for longer-term gains rather than short-term scalping opportunities.
This analysis aligns with the observation that often, when this category of investors starts buying in sync, it may lead to a directional shift in the market. However, it's still too early to say for sure what will happen next with DOGE.
Only time will tell if this accumulation activity will translate into a sustained rally for the meme coin. For now, it seems that some investors are quietly making a big move that could have a significant impact on the market.
