Dogecoin Surges Over 150% as Shark and Whale Activity Increases
Dogecoin has experienced a rally exceeding 150% in the past week, attributed to the resurgence of sharks and whales on the network.
Growth of Dogecoin Sharks & Whales
On-chain analytics from Santiment indicates an increase in shark and whale counts. The relevant metric is the "Supply Distribution," which reveals how many addresses belong to specific Dogecoin wallet groups.
Wallets are categorized based on token holdings. For example, the 1 to 10 coins group includes wallets holding between 1 and 10 DOGE. The Supply Distribution for this group reflects the total number of addresses meeting this criterion.
Two address ranges are critical: 0 to 100,000 coins representing small investors, and 100,000+ coins indicating large entities like sharks and whales. Large holders exert more influence on the network, with whales being particularly significant due to their larger holdings.
The following chart illustrates the recent trend in Dogecoin Supply Distribution:
The graph shows an upward trend in the 0 to 100,000 coins group, indicating an influx of smaller investors. Specifically, 74,885 new addresses have emerged in this range over the last four weeks. In contrast, the 100,000+ tokens cohort has declined, suggesting that some large investors are liquidating their positions.
While 350 sharks and whales exited the network in the past month, a recent uptick saw 108 new wallets of this size created within a few days, contributing to Dogecoin's significant rally.
Both retail and large holders are increasing on the network, though the sustainability of this momentum remains uncertain. The rise in Supply Distribution among sharks and whales holds greater market significance.
DOGE Price
Currently, Dogecoin is trading at approximately $0.383, reflecting a 21% increase over the past 24 hours.
