As a seasoned crypto investor with years of experience under my belt, I’ve seen my fair share of market shifts and trends. The recent revelation that large Dogecoin (DOGE) whales have been steadily reducing their holdings while retail and mid-sized investors are buying up more is an intriguing development that warrants closer attention.
In an unexpected turn of events for the Dogecoin (DOGE) market, research by IntoTheBlock has revealed a notable change in the behavior of major Dogecoin investors. Specifically, the top Dogecoin holders have progressively decreased their possession of DOGE coins over the past year.
The proportion of the entire Dogecoin stock belonging to individuals holding over 0.1% each has dropped from 45.3% to 41.3%.
Large Dogecoin investors may be selling off their coins, which could shift the market’s balance and influence its behavior.
Over the past year, the top Dogecoin investors holding the largest stashes have progressively decreased their possession of coins. The proportion of the entire supply in the hands of those owning over 0.1% has declined from 45.3% to 41.3%. In contrast, retail and mid-level investors now control a larger portion of the overall Dogecoin supply.
— IntoTheBlock (@intotheblock) June 18, 2024
In contrast, during the same timeframe, the proportion of Dogecoin owned by retail and medium-sized investors has significantly grown. While the holdings of large investors, or “whales,” have decreased, the control over a larger share of the overall supply now rests with these smaller investors.
The decline in Dogecoin hoarding by large investors, as indicated by on-chain data, has been followed by heightened involvement of smaller and medium-level investors. This signifies a notable transition within the market dynamics.
I, as an analyst, will keep a keen eye on the shifting landscape of Dogecoin ownership, closely monitoring how these developments influence price fluctuations and the broader market behavior.
DOGE price action
Currently, Dogecoin’s price is recovering, having risen by 3.14%, or approximately $0.01 cents, over the past 24 hours. This uptick follows a two-day downturn that saw the cryptocurrency’s value plummet to a low of $0.113 yesterday.
As a researcher studying market trends, I’ve observed that according to Santiment’s data, there’s been a significant drop in the crowd sentiment towards Dogecoin since its price decline. This downturn in sentiment could potentially present an opportunity for more patient traders.
DOge’s current trading price places it above a noteworthy on-chain support level, as indicated by IntoTheBlock data. This level signifies a significant demand area, with approximately 41.78 billion DOge having been purchased at an average cost of $0.103. If the market weakens further, this zone could prove crucial.
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2024-06-19 17:04