In a surprising move, crypto whales have purchased $112 million worth of Dogecoin within 72 hours. This accumulation comes as Dogecoin sentiment hits a 2024 low.

Analyst Ali Martinez highlighted this trend using data from Santiment, noting the sudden whale activity.

Earlier in February, similar bearish sentiment preceded a 200% surge in DOGE's price.

Currently, Dogecoin trades at $0.159.

Meanwhile, Shiba Inu sees over four trillion SHIB, worth around $103 million, moving to exchanges, indicating significant market shifts. Ethereum also experiences increased accumulation by large holders.

When crypto whales, who are individuals or entities holding large amounts of cryptocurrency, accumulate a token, it usually signals a significant interest in that asset. This buying activity can impact market sentiment and prices. Whales' movements often indicate their belief in the token's potential for future gains. Large purchases can absorb market liquidity, reducing supply and potentially driving up prices.

Additionally, whale accumulation can instill confidence in other investors, prompting further buying and increasing market activity. However, it can also lead to volatility if whales decide to sell off large holdings quickly.