On-chain data reveals Dogecoin whales are on a buying spree amid a 5% price decline in the last 24 hours.
Dogecoin Whales Increase Holdings Amid Price Drop
According to analyst Ali Martinez on X, Dogecoin whales have been net accumulating over the past day. The “Supply Distribution” metric from Santiment, an analytics firm, indicates that specific wallet groups have increased their DOGE holdings.
Wallets are categorized based on their coin holdings. For this analysis, the focus is on addresses holding between 1 million to 10 million DOGE. These holders own at least $118,000 to $1.18 million worth of the memecoin.
This group represents large DOGE holders, specifically the smaller end of the whale cohort.
Recent data shows the Supply Distribution for this group has surged over the last few days, indicating significant whale accumulation. In the past 24 hours alone, these investors added over 60 million DOGE, worth approximately $7.1 million.
While this isn’t a massive amount, it’s notable that these whales didn’t sell during the price dip, which could signal optimism for DOGE.
The timing suggests whales are eyeing Dogecoin closely, seizing dip opportunities for potential profit. However, monitoring this indicator in the coming days is crucial, as any sudden selloffs by these large investors could trigger a bearish trend.
DOGE Price Update
Dogecoin recently surged past $0.127 but has retraced to $0.119 in the last 24 hours.
