Despite the ongoing crypto market turmoil, Dogecoin investors, particularly large holders or "whales," have demonstrated unwavering faith in the meme coin. In a striking move, these investors have collectively purchased over 1.32 billion DOGE, amounting to approximately $127 million. This massive acquisition diverges from the general market's sentiment of fear and panic, suggesting these investors anticipate a rally in Dogecoin's price.
The substantial inflow of investments from these whales, however, is partly offset by outflows. Despite this, the net flow remains significantly high at 967 million DOGE. Notably, there was a decline in large transactions by December 12, indicating a potential reluctance among these large holders to sell their coins.
Moreover, the open interest in Dogecoin has been decreasing along with its price, signaling a reduction in the number of open Dogecoin futures or options contracts. This trend has led to the flush out of long traders and could be a point of concern for investors.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
