In a new post on X, analyst Ali Martinez discussed the latest trend in supply distribution among Dogecoin 'whales.' 'Supply distribution' here refers to an indicator from the on-chain analytics firm Santiment, which shows the total amount of assets currently held by a specific group of wallets.
Account holders or investors are divided into these groups based on the number of tokens they hold in their accounts. For example, the group of currencies from 1 to 10 includes all DOGE holders from 1 to 10.
In the context of the current topic, the group of whales is of interest. These investors are generally known to hold more than one billion DOGE, with no minimum investment threshold. According to current exchange rates, the maximum investment for this group approaches $200 million.
Due to their massive size, whales can somewhat influence the market. This makes their on-chain behavior worth monitoring.
Below is a chart shared by the analyst, showing the trend of Dogecoin whale supply distribution over the past few months:
As shown in the chart above, Dogecoin investors holding more than one billion Dogecoin experienced a sharp decline in supply distribution near the end of July, indicating that major investors are exiting the market. After the sell-off, the asset's price continued to decline.
However, it seems that the mood of the whales changed yesterday, as the value of this indicator rose significantly. Martinez noted that 'whales bought over one billion Dogecoin (DOGE) in the past twenty-four hours!'. Given the timing of the purchases, it is likely that these large investors believe the current bottom represents a profitable investment opportunity in memecoins. It remains to be seen whether this venture will pay off for the whales.
In other news, the memecoin Pepe (PEPE) has also seen bullish developments recently, as the analyst noted in another post on X.
From the chart, it is clear that the price of Pepe completed a sequential Tom DeMark (TD) model with nine red candles in one day. This model is a buy signal.