Dogecoin Whales Spend $130 Million On DOGE And This Ethereum Token

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Recently, some large Dogecoin whales were seen spending over $130 million purchasing DOGE, which caused its price to surge. They also simultaneously purchased another Ethereum (ETH) coin, ETFswap (ETFS). Let’s see their reason for making such heavy purchases.

Dogecoin Whales Purchase Over 820 Million DOGE

According to data from the on-chain intelligence platform Santiment, Dogecoin whales have purchased a whopping 822 million DOGE since the beginning of May 2024, which amounts to $130 million. Santiment, in a chart, carefully outlined whale balances, which hold a minimum of 1 million DOGE. According to the chart, as of May 1, their total holdings are about 57.06 billion DOGE. 

However, by May 16, the holdings had increased to 57.9 billion Dogecoin (DOGE), indicating the buying and selling trend among the large investors. The Dogecoin whales’ buying spree coincided with the recent listing of the meme coin on Tesla, Elon Musk’s electric vehicle (EV) manufacturer, as a payment option.

The official inclusion sparked speculations among crypto community members on whether X (formerly Twitter) Musk’s social media platform is the next to integrate Dogecoin (DOGE) as a payment option. Also, the coin skyrocketed to $0.17 but made a slight price correction five days later on May 12. It’s worth noting that Dogecoin’s (DOGE) latest price breakout is significant since the coin had started the month of May on the wrong foot as its bulls continued to struggle for control. 

Dogecoin (DOGE) has risen by over 32% for this month and has rebounded past the $0.15 mark. The bulls are poised to retest $0.20, but it faces a major resistance at $0.17, which could trigger a sell panic. 

Another exciting thing that coincided with the surge in price is the Ethereum-based ETFswap (ETFS) presale, which has scooped up over $500,000 in revenue as its stage 1 presale continues to attract investors. 

Ethereum-Based ETFSwap (ETFS) Surprises The Industry With Presale Success

ETFswap (ETFS) is a blockchain platform that facilitates the trading of tokenized exchange-traded funds (ETFs) on the blockchain to bridge the gap between decentralized and traditional finance. The tokenized ETFs will directly represent the traditional ETFs on the blockchain, enabling traders to easily trade this previously elusive market while enjoying the safety of the blockchain.

Also, ETFSwap (ETFS) will make it possible to invest in all sorts of ETFs on a single interface, allowing for the diversification of assets. To access the tokenized ETFs, the platform will feature ETFS, its native token built on the Ethereum blockchain, which will not only create access to trading the asset but also serve as the key to unlocking all other features on the platform. 

Holding ETFS also has perks like governance, which will grant users voting rights to participate in making decisions that affect the network, which could include modifications and updates. Additionally, holders can also stake their tokens and enjoy up to 87% APR on their holdings.

ETFS is currently available for sale in the ETFswap (ETFS) presale event and sold for $0.00854 per coin in stage 1. By stage 2, the token’s price will increase to $0.01831, giving all stage 1 investors automatic profit on their investments. The assurance of profit is one of the factors driving both large and small investors to pitch in and acquire this undervalued asset. Also, it is why Dogecoin (DOGE) investors are rushing in to buy now at stage 1 to increase their portfolio.

As a cherry on top, experts speculate that the token will surge to the $3 mark soon, giving all early investors an over 200x yield on their investments. The optimistic view by experts is one of the forces propelling the sale of the token, and currently, over 85 million tokens have been sold. 

Don’t miss out! Buy ETFS today to enjoy this unique ecosystem with avenues to profit. 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

 *This article was paid for. Cryptonomist did not write the article or test the platform.