As a seasoned crypto investor with a keen interest in following the market trends, I find the recent accumulation behavior of Dogecoin whales to be an intriguing development. The on-chain data revealing their net buying over the past three days is a bullish sign for me.
recent on-chain activity indicates that large Dogecoin investors, or “whales,” have collectively purchased a substantial quantity of coins over the past three days.
Dogecoin Whales Have Seen Their Holdings Rise Recently
According to analyst Ali Martinez’s post on X, large holders of Dogecoin, referred to as “whales,” have recently increased their possession of the cryptocurrency significantly. A noteworthy metric used to assess this trend is the “Supply Distribution” provided by analytics firm Santiment. This metric monitors the current distribution of Dogecoin’s total supply among various wallet groups.
Investors and wallet addresses are categorized into groups, or cohorts, based on the quantity of coins they currently hold. For instance, the group ranging from 1 to 10 coins includes all addresses that presently have between 1 and 10 Dogecoin in their balance. By implementing the Supply Distribution concept to this particular group, we can determine the collective holding of these investors regarding the total supply of Dogecoin at hand.
As a crypto investor engaged in the ongoing discourse, I’m particularly intrigued by the subject of “whales” in the Dogecoin community. These significant players are identified as individuals or entities controlling DOGE holdings ranging from 100 million to a billion coins. In today’s market, this equates to approximately $16.1 million and $161 million, respectively, based on current exchange rates.
Due to their immense size, whales hold significant influence within the financial network. Keeping an eye on their investment patterns, particularly the direction of their supply trend, is a valuable way to monitor their actions.
The chart below shows how the Supply Distribution has looked for the Dogecoin whales recently:
In the graph, it is clear that the substantial Dogecoin investors, referred to as “whales,” have experienced a growth in their holdings. To be more precise, these large-scale investors have acquired approximately 700 million DOGE (equivalent to around $113 million at present) over the past few days.
As a crypto investor, I’ve recently made some purchases despite a minor price drop in the cryptocurrency. I believe these dips present attractive opportunities for entering the market. The presence of large investors expressing interest in the asset is an encouraging sign and can be interpreted as a bullish indicator.
After a significant purchasing wave, the available DOGE in circulation has increased to approximately 30.91 billion. Consequently, the whale holders presently manage roughly 21.4% of the entire DOGE supply circulating in the market.
In recent developments, DOGE has experienced a favorable trend with whale purchases. Contrastingly, SHIB hasn’t had the same fortune. As highlighted in another post by Ali, centralized exchanges have received approximately $103 million in SHIB during the past few weeks.
As a financial analyst, I’ve observed that a significant number of investors deposit large amounts of funds into cryptocurrency platforms with the primary intention of executing sell orders. Consequently, the recent surge in substantial deposits could be an indication that prominent Shiba Inu coin holders are either cashing out or planning to do so in the near future.
DOGE Price
At the time of writing, Dogecoin is floating around $0.16, down 1.5% over the last seven days.
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2024-05-31 22:11