Dogecoin whales accumulate $700M in 36 hours

In a significant development for Dogecoin (CRYPTO:DOGE), large investors have acquired over 1.8 billion tokens, valued at more than $700 million, in just 36 hours.  

This surge in whale activity has led to a reduction in the circulating supply of DOGE, potentially setting the stage for a price increase if demand remains steady or rises.  

The cryptocurrency market has been notably volatile, influenced by Bitcoin's price movements and Donald Trump's inauguration as the 47th President of the United States.  

Analyst Ali Martinez highlighted that this accumulation of tokens could encourage smaller investors to enter the market, further increasing capital flow into DOGE.  

Trump's pro-crypto stance during his campaign may also contribute to positive sentiment around Dogecoin.  

Reports suggest he plans to issue an executive order prioritising cryptocurrency policy, which could amplify interest in the sector.  

Elon Musk's involvement is another factor to consider.  

He is expected to lead a new division named the Department of Government Efficiency (D.O.G.E.), aimed at reducing bureaucracy and unnecessary regulations.  

This connection has sparked speculation among DOGE supporters about potential benefits for the cryptocurrency.  

Musk has consistently advocated for Dogecoin, often discussing its merits on social media platforms.  

As he takes on this new role, many are watching closely for any announcements that could impact the DOGE community. 

At the time of reporting, the Dogecoin (DOGE) price was $0.3536.