On-chain data shows that Dogecoin whales have recently increased their holdings, indicating that large investors are taking the opportunity to buy in as prices drop.
Whales have increased their holdings by an additional 1 billion DOGE
In a recent post on platform X, analyst Ali Martinez discussed the latest trends in the supply distribution of Dogecoin whales. 'Supply distribution' here refers to a metric from on-chain analysis firm Santiment, indicating the total amount of assets that a certain group of wallets is holding at the current time.
Addresses or investors are classified into groups based on the number of tokens they hold. For example, the group from 1 to 10 coins includes all holders from 1 to 10 DOGE.
In the context of the current topic, whales are the most notable group. These investors are typically defined as holding more than 1 billion DOGE, with no upper limit. At the current exchange rate, the threshold for this group is nearly 200 million USD.
With such massive holdings, whales can exert significant influence in the market. This makes their on-chain behavior noteworthy and requires monitoring.
Below is the chart shared by the analyst, showing the trend in supply distribution of Dogecoin whales over the past few months:
As shown in the chart, Dogecoin investors holding over 1 billion DOGE have seen a decline in supply distribution at the end of July, indicating that large-cap entities have withdrawn from the market. The consequence of this selling is a prolonged downtrend for the asset.
However, the sentiment among whales seems to have changed over the past day, as the value of the metric has recorded a strong increase. 'Whales have bought over 1 billion DOGE in the past 24 hours!' Martinez emphasized. With this buying moment, it's possible that large investors believe the current price offers an attractive investment opportunity in memecoin. However, it remains to be seen whether this decision will benefit the whales.
DOGE price
After a nearly 8% drop in the past week, the price of DOGE has fallen below the 0.20 USD mark.
