On-chain data shows that Dogecoin whales have recently begun to buy aggressively, which could be beneficial for the memecoin's price.

Dogecoin whales have increased their holdings in the past week.

In a new article on platform X, analyst Ali Martinez explores the latest trends in Dogecoin whale holdings. The metric he shared is the 'Supply Distribution' from the on-chain analytics firm Santiment, which tells us the total supply of Dogecoin currently held by specific wallet groups.

Investors are categorized into these groups based on the number of tokens held in their addresses or balances. For example, all wallets holding 5 tokens will be classified into the group of 1 to 10 tokens.

In the context of the current topic, 'whales' refer to interested investors. These entities are typically defined as investors holding between 100 million and 1 billion DOGE. At current exchange rates, the former is equivalent to $22.4 million, while the latter is equivalent to $224 million.

Clearly, the only holders qualifying for this group are those well-funded traders. Therefore, the holdings of these investors deserve attention, as changes in this group are sufficient to reflect the sentiments of influential figures in the network.

Now, here is a chart showing the supply distribution trend of whale-held Dogecoin over the past month and a half:

As shown in the figure above, the supply distribution of Dogecoin in the range of 100 million to 1 billion has recently increased, indicating that members of this group have been participating in net accumulation.

In the past week, whales have collectively increased their holdings by 2 billion Dogecoins (worth $448 million). This is a significant number that suggests large investors expect the cryptocurrency to rise in the future. However, whether these accumulations will yield returns remains to be seen.

As Martinez pointed out in another article on X, in addition to purchases, this group has also increased trading activity.

The metric shown in the chart is the '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 seen a significant spike, suggesting that large fund holders are taking action.

DOGE Price

Dogecoin suffered an 8% hit in the past day, with the price dropping to $0.22.