Dogecoin, the largest meme cryptocurrency by global market cap, nabbed significant investor attention today, April 16, as a whale accumulated 300 million coins amid an optimistic announcement for the token’s cryptographic venture. Bitmain, a firm offering blockchain networks with advanced computational infrastructure and solutions, today announced that it plans to expand support for DOGE mining, fueling market optimism for Dogecoin that further aligns with whale’s accumulation.

Dogecoin Whale Accumulation Ignites Investor Curiosity: What’s Happening?

Notably, a staggering 300 million DOGE accumulation gained significant traction today, as it coincided with Bitmain’s optimistic plans to expand support for DOGE mining. The whale’s accumulation underscored a sense of confidence in the asset’s future, whereas Bitmain’s announcement further propelled an optimistic tide on Dogecoin’s price action ahead. This added a bullish tint to Dogecoin, a dog-based meme token.

Meanwhile, data by Whale Alert illustrated that 300 million DOGE was collectively accumulated via a series of two transactions by the same whale in the past 24 hours. The first transaction illustrated an unknown whale’s 150 million DOGE accumulation, whereas the second transaction showcased the same whale accumulating 150 million tokens. Evaluating over $46 million, these accumulations sparked speculations over the whale’s knowledge of Bitmain’s expansion of support for the token’s mining.

Simultaneously, per Bitmain’s announcement, the firm plans to release Antiminer L9 in May, aiming to support Dogecoin mining, among other cryptos’ mining operations. Antminer L9 eyes supporting Litecoin (LTC), Bells (BEL), and DOGE mining with an energy efficiency of 0.21J/M, marking a pivotal move across the crypto industry. This, coupled with the abovementioned whale accumulation, painted a bullish outlook for Dogecoin ahead.

ANTMINER L9 Will Release in May
0.21J/M
Unchallenged Miner for LTC&DOGE&BEL
Stay tuned for more details! pic.twitter.com/9QdjkrVcYJ

— BITMAIN (@BITMAINtech) April 16, 2024

Also Read: Crypto Market Selloff: $330M Liquidated As Bitcoin Price Fell Under $62K, Here’s Why

Dogecoin Price Slips, A Rally Ahead?

As of writing, the Dogecoin token’s price jotted a 5.98% downfall in the past 24 hours and is currently trading at $0.154. This drop primarily aligns with the recent pre-halving corrections witnessed across the broader crypto space.

However, with the abovementioned development surrounding DOGE’s cryptographic venture, further escorted by the whale accumulation, crypto market enthusiasts anticipate a substantial price rally for the token ahead. Additionally, with the BTC halving approaching, historical data illustrating altcoins mimicking BTC’s price movements post-rally has added to the optimism surrounding DOGE’s future price action.

Also Read: Ethereum Price: ETH Key Support Level To Watch Amid Mass Selloff

The post Dogecoin Whale Buys 300M DOGE As Bitmain Extends Support For DOGE Mining appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am