Dogecoin Whales Scoop 700 Million DOGE Amidst Price Dip, Investors Eye Elon Musk’s Influence

• Ali Martinez spotted Dogecoin whales buying 700 million DOGE in the past 72 hours.
• DOGE’s price continues to drop despite whale accumulation.
• Elon Musk denies the report linking him with Trump as a crypto adviser.

Crypto analyst Ali Martinez has alerted his followers on X to a significant whale play in the Dogecoin ecosystem. In a recent post, Martinez noted that Dogecoin whales have gobbled up over 700 million DOGE worth around $112 million in the past 72 hours.

Meanwhile, Martinez sourced this information from Santiment, a crypto-tracking platform focused on market intelligence and whale behavior. The analyst posted a chart showing DOGE’s price movement and volume action.

From the chart details, contrary to general expectations, DOGE’s price dipped over the 72 hours under consideration despite a surge in volume. The chart showed that DOGE’s accumulated volume climbed from around $30.2 billion to $30.91 billion between May 28 and May 30, while the price slumped in the opposite direction.

To explain further, TradingView’s data reveals DOGE closed below its opening price in the past three days with the dog-themed memecoin shedding around 8% of its value. The development generated interest among crypto community members, many of whom pondered the trend discrepancy between DOGE’s price and volume.

Some crypto users attributed the surge in DOGE accumulation to a report that Elon Musk, the staunch Dogecoin supporter, is advising President Donald Trump on crypto policies. Musk has since denied discussing any crypto policies with Trump but says he is “in favor of things that shift power from government to the people, which crypto can do.”

DOGE traded for $0.15907 at the time of writing amid a sideways trend that has lasted for the past six weeks. Whale accumulation, like the one spotted by Martinez, tends to trigger bullish speculation, the impact of which could reflect in DOGE’s future price.