On-chain data shows the Dogecoin whales have gone on a buying spree while the memecoin’s price has declined in the last 24 hours.
Dogecoin Whales Have Increased Their Holdings During The Past Day
As pointed out by analyst Ali Martinez in a on X, the Dogecoin whales have participated in net accumulation in the last 24 hours. The on-chain metric of relevance here is the “Supply Distribution” from the analytics firm Santiment which tells us about the amount of DOGE that a given wallet group is currently holding.
Addresses are divided into these wallet cohorts based on the number of coins they are carrying. In the context of the current discussion, the 1 million to 10 million coins group is of interest.
This group naturally includes only the holders that own at least one million and at most ten million tokens of the memecoin in their balance. At the current asset price, the lower end of this range converts to around $118,000, while the upper one is equivalent to $1.18 million.
Only the large holders of the DOGE network would qualify for this group. More specifically, the smaller end of the whale cohort would fall inside this range.
Now, here is the chart shared by the analyst that shows the trend in the Supply Distribution for these Dogecoin whales over the past few weeks:
The value of the metric seems to have registered a spike in recent days | Source:
As displayed in the above graph, the Dogecoin Supply Distribution for this cohort has increased over the last few days. This would suggest that the whales have been participating in net accumulation.
During the last 24 hours alone, these investors have added more than 60 million DOGE to their wallets, worth around $7.1 million. While this amount isn’t high, the fact that the group hasn’t sold during the latest pullback in the price could be an optimistic sign for the memecoin.
The timing of the buys would certainly suggest that the whales are looking at Dogecoin with a keen eye, jumping on any dip opportunities that appear, as they may end up being profitable.
The indicator may be to monitor in the coming days, though, as things can sometimes quickly change, and any selloffs from these humongous investors could lead to a bearish outcome.
DOGE Price
Dogecoin had broken beyond the $0.127 level during its recent surge, but the coin has seen a retrace in the past 24 hours, taking its price down to $0.119.
The below chart shows what the recent performance of the memecoin has looked like.
The price of the memecoin appears to have lost some of its latest recovery | Source:
Featured image from Dall-E, Santiment.net, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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