A cryptocurrency analyst has revealed that wealthy individuals, known as whales, have rapidly acquired large amounts of Dogecoin (DOGE) in just a few days. According to Ali Martinez, a crypto strategist with a significant following on X, these deep-pocketed investors have purchased 700 million DOGE, equivalent to $112 million, in just 72 hours.

Martinez obtained this information from Santiment, an analytics platform, which shows that the sudden accumulation of DOGE by whales coincides with a decrease in sentiment towards the popular meme-based cryptocurrency. Martinez stated that the market sentiment for Dogecoin is currently as bearish as it was in early February, just before DOGE experienced a 200% surge.

Dogecoin experienced a significant price increase in February, rising from $0.077 at the beginning of the month to $0.228 on March 28th. As of now, DOGE is valued at $0.159.

Martinez also commented on the growing interest in Shiba Inu, a rival cryptocurrency to Dogecoin. He noted that crypto exchanges have recently seen a substantial influx of SHIB, with over four trillion SHIB, valued at approximately $103 million, being sent to these platforms in the last two weeks. Currently, SHIB is trading at $0.000025.

In addition, Martinez discussed the rise in Ethereum’s mega whale wallets. He highlighted that there has been a noticeable increase in the number of Ethereum addresses holding 10,000 or more ETH, indicating a shift from distribution to accumulation.

At the time of writing, ETH is valued at $3,790.

It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets. The Daily Hodl, where this article was sourced from, does not recommend the buying or selling of any cryptocurrencies or digital assets, and is not an investment advisor.