Dogecoin Whales Accumulate $1.08 Billion in Recent Purchases
On-chain data indicates that Dogecoin whales have significantly increased their holdings, which may be bullish for DOGE's price.
Dogecoin Whales Increase Holdings by $1.08 Billion
Analyst Ali Martinez highlighted in a post on X that DOGE whales have engaged in substantial buying activities recently. The relevant on-chain indicator is the Supply Distribution metric from analytics firm Santiment, which tracks the total amount of Dogecoin held by specific wallet groups.
Investors are categorized based on their coin balances, with the whale group consisting of holders owning between 10 million and 1 billion DOGE. At current exchange rates, this translates to holdings valued between $3.5 million and $350 million, indicating that only substantial entities qualify as whales.
Large holdings provide significant market influence; thus, monitoring these holders' supply is essential, as changes can impact cryptocurrency prices.
The following chart illustrates the trend in Supply Distribution for Dogecoin whales over the past month:
The graph shows that Dogecoin whales peaked in supply at the beginning of December before entering a gradual sell-off. This distribution shift coincided with a notable price decline for the memecoin in the latter half of the month, suggesting a correlation between whale activity and price movements.
After a final selling wave around Christmas, whales halted selling but maintained a stable supply without accumulating more coins until recently.
In the past few days, these large holders have added approximately $1.08 billion worth of DOGE to their portfolios. This uptick in whale Supply Distribution aligns with a recovery rally in Dogecoin's value, raising questions about whether whales will continue to support the upward momentum or take quick profits, which could disrupt the trend.
DOGE Price
Dogecoin briefly surpassed the $0.350 mark earlier today but has retraced slightly to $0.349.
