Dogecoin Whales Accumulate 140 Million DOGE Despite 7% Price Drop
On-chain data indicates that Dogecoin whales have continued purchasing despite recent price declines.
Dogecoin Whales Add 140 Million DOGE
Analyst Ali Martinez noted on X that Dogecoin whales have increased their holdings over the last 24 hours. The key indicator is the Supply Distribution metric from Santiment, which tracks the total amount of DOGE held by different wallet groups.
Wallets are categorized based on coin ownership; for instance, the group holding 1 to 10 DOGE includes all investors with that range. The focus here is on the 10 million to 100 million coins group, where the lower end represents approximately $3.7 million and the upper end about $37 million.
This cohort consists of significant investors, including smaller whales, who play a crucial role in the DOGE ecosystem.
The chart below illustrates the Supply Distribution trend for this group over recent weeks:
The graph shows an uptrend in DOGE supply held by these whales, with a notable increase in recent days coinciding with a rally in DOGE’s price. This suggests that whale activity may have supported the price movement.
Despite a 7% pullback in price over the last 24 hours due to a general decline in the cryptocurrency market, the Supply Distribution for the 10 million to 100 million coins group has continued to rise. In total, these large investors have added 140 million DOGE to their holdings, valued at nearly $52 million, indicating confidence in further price increases.
The impact of this accumulation on Dogecoin's future price remains to be seen, as it will depend on whether the positive sentiment among large investors can trigger another surge.
DOGE Price
Despite a significant drop from its peak, Dogecoin investors remain profitable, with weekly returns currently at a positive 88%.
