On-chain data shows that Dogecoin whales have recently begun buying aggressively, which could be favorable for the price of the memecoin.
Dogecoin whales have increased their holdings in the past week.
In a new article on platform X, analyst Ali Martinez analyzed the latest dynamics of Dogecoin whale holdings. The key indicators he shared come from on-chain analysis firm Santiment's 'Supply Distribution' data, which reveals the total amount of Dogecoin currently held by specific wallet groups.
In this analysis, 'whales' refer to investors holding between 100 million and 1 billion DOGE, which, at the current exchange rate, amounts to approximately $22.4 million to $224 million. Clearly, these 'whales' are typically well-funded institutional investors, and their position changes can reflect key market sentiment.
Analysis of the chart shows that over the past month and a half, the supply of Dogecoin held by whales has shown a clear upward trend, indicating that the buying behavior of this group of investors is intensifying.
As shown in the figure, the group of whales holding 100 million to 1 billion DOGE has seen an increase in the recent supply distribution, indicating a continued trend of accumulation in Dogecoin.
In the past week, these whale investors have collectively increased their holdings by 2 billion Dogecoins, worth approximately $448 million. This significant increase suggests that large investors are optimistic about the future rise of this cryptocurrency. However, whether this accumulation will yield actual returns still needs further observation.
As Martinez mentioned in another post on platform X, in addition to increasing their positions, these whales have also significantly increased the frequency of trading activities.
The indicator shown in the chart is 'Whale Transaction Count', which measures the total number of transfers on the Dogecoin blockchain involving amounts over $1 million.
The chart indicates that this metric has just experienced a significant spike, suggesting that large holders are taking action.
DOGE Price
Dogecoin has suffered an 8% hit in the past day, with the price dropping to $0.22.
