Data from the blockchain indicates that Dogecoin whales have been actively acquiring a substantial amount of DOGE in the past few days.
Increase in Holdings Among Dogecoin Whales
Analyst Ali Martinez highlighted on X that DOGE whales have been accumulating a significant amount of the cryptocurrency. The “Supply Distribution” metric from Santiment monitors the Dogecoin supply held by different wallet groups. These groups are categorized based on the number of coins they possess.
The attention here is on the “whales,” defined as holders with 100 million to 1 billion DOGE. These whales are powerful entities that can influence the network, making their behavior a subject of interest. Monitoring their supply trends can provide valuable insights.
The recent data indicates that Dogecoin whales have collectively purchased 700 million DOGE, valued at approximately $113 million, in the last three days despite a slight price decrease. This accumulation suggests a positive outlook on the coin’s potential profitability, signaling bullish sentiment among these large investors.
Following this buying spree, the total supply controlled by these whales has increased to around 30.91 billion DOGE, representing about 21.4% of the circulating memecoin supply.
On the other hand, Shiba Inu (SHIB) has experienced inflows of around $103 million on centralized exchanges, indicating potential selling activity by SHIB whales.
Current DOGE Price
As of now, Dogecoin is trading around $0.16, showing a 1.5% decrease in the past week.
