According to on-chain data, Dogecoin whales have engaged in a substantial quantity of net buying over the past three days
Recent gains have been observed by Dogecoin whales in their holdings. A significant accumulation of DOGE has recently been observed, as analyst Ali Martinez explains in a post on X. Santiment, an analytics firm, tracks the “Supply Distribution” on-chain metric, which indicates how much of the Dogecoin supply different wallet groups currently possess.
The addresses or investors are categorized into these cohorts according to the number of coins they possess in their balance. For instance, the 1 to 10 coins category comprises all addresses with a balance ranging from 1 to 10 DOGE. Applying the Supply Distribution to this group would determine the aggregate quantity of supply currently held by investors who meet this criterion.
Regarding the present discourse, the term “whales” is significant. The aforementioned individuals are proprietors of 100 million to 1 billion DOGE. At the present Dogecoin exchange rate, the two extremes of this interval are equivalent to approximately $161 million and $16.1 million.
Clearly, whales are enormous entities, and it is on account of this magnitude that they are regarded as influential entities within the network. Consequently, it may be valuable to monitor the conduct of these investors, and one approach to do so is by analyzing the trajectory of their supply.
The following chart illustrates the recent Supply Distribution for Dogecoin whales:
The recent expansion of the Dogecoin billionaires’ holdings is evident in the graph. These enormous holders have acquired 700 million DOGE (approximately $113 million) within the last three days.
This purchasing has occurred during a period of slight price decline for the cryptocurrency. These investors consider the current prices to be entry positions into the coin that can potentially yield profits. The curiosity of large money holders in an asset can naturally be interpreted as a bullish indication.
In the wake of the purchasing binge, the aggregate supply of this group has increased to approximately 30.91 billion DOGE. Consequently, the whales now possess an approximate 21.4% stake in the total supply of the memecoin in circulation.
Although DOGE has experienced a favorable trend in cetacean purchasing, its competitor Shiba Inu (SHIB) has encountered less favorable circumstances. In the past two weeks, centralized exchanges have received approximately $103 million worth of SHIB, as Ali noted in another X post.
Since selling is a primary motivation for investors to make deposits on these platforms, the substantial deposits may indicate that Shiba Inu whales have engaged in or are about to engage in selling activities.
DOGE Cost
As of this writing, Dogecoin is trading at approximately $0.16, a 1.5% decrease from its seven-day low.
