Dogecoin Whales Exit: Total Supply Plunges By Almost 9%

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As a researcher with experience in analyzing cryptocurrency market data, I find the recent trend of Dogecoin whales reducing their holdings over the past year to be a noteworthy development. According to data from IntoTheBlock, these large investors have seen their share of the Dogecoin supply decrease significantly, which could potentially signal bearish sentiment for the memecoin.

Over the past year, information from the blockchain indicates that large Dogecoin investors have progressively reduced their holdings. This reduction in ownership could potentially signal a bearish outlook for the meme currency.

Dogecoin Whales Have Notably Reduced Their Supply In The Last Year

Based on information from market intelligence platform IntoTheBlock, there’s been a decrease in the percentage of Dogecoin’s total supply held by large investors or “whales” – specifically, addresses possessing over 1% of the circulating DOGE.

These massive token holders wield significant influence over the network, given the enormous amounts they control. Monitoring their actions is valuable as their behavior, though not always immediately affecting price, can provide insights into the attitudes of this influential group.

Here’s a chart illustrating the variation in the proportion of the entire Dogecoin supply controlled by the top holders during the last 12 months.

Dogecoin Whales Exit: Total Supply Plunges By Almost 9%

Based on the graph’s data, I noticed a decrease in the percentage of Dogecoin supply held by major investors or “whales.” A year ago, these investors controlled approximately 45.3% of the circulating Dogecoin. However, their share has since reduced to around 41.3%.

Since that time, whales – large investors in the market – have disposed of approximately 9% of their remaining assets. On the other hand, according to the analytics company’s assessment, retail and mid-sized investors currently control a larger proportion of the overall supply.

As a researcher studying the distribution of Dogecoin (DOGE) supply, I’d like to clarify how IntoTheBlock categorizes its holders. I belong to the investor group, which includes addresses possessing between 0.1% and 1% of the total DOGE supply. On the other hand, retail entities are defined as those holding less than 0.1% of the Dogecoin supply.

It’s clear from the decrease in whale ownership during this timeframe that there’s been a decline in significant investor activity in Dogecoin. This could potentially lead to downward pressure on its price.

Instead of “On the other hand,” you could say “Conversely,” or “In contrast.” And instead of “could be positive for the health of the DOGE ecosystem” you could say “might contribute to the well-being of the DOGE community,” or “may benefit the DOGE system as a whole.” And instead of “redistribution of the supply to smaller holders” you could say “widening the ownership of the asset among more individuals,” or “scattering the possession of the asset across a larger number of people.” So, the revised statement would be:

Elsewhere, IntoTheBlock has released new information in a recent post regarding the current state and comparative analysis of Dogecoin’s blockchain activity against other meme-based cryptocurrencies.

Dogecoin Whales Exit: Total Supply Plunges By Almost 9%

As a researcher analyzing the data presented in the charts, I can observe that the chart on the left illustrates an upward trend in the quantity of traders for various assets, with Dogecoin leading the pack as the most popular memecoin at present. Meanwhile, the chart on the right reveals an increasing number of transactions across these same assets, and once again, Dogecoin holds the top position.

It’s worth noting that Shiba Inu (SHIB) and PEPE (PEPE) aren’t the second largest assets in terms of trading volume, contrary to popular belief. Instead, it’s Degen (DEGEN) that holds this position. This finding is noteworthy given that DEGEN’s market capitalization represents just 0.79% of Dogecoin’s total value.

DOGE Price

Dogecoin has seen a plunge of more than 11% in the past week, taking its price to $0.122.

Dogecoin Whales Exit: Total Supply Plunges By Almost 9%

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2024-06-20 06:12