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On-chain data shows the Dogecoin whales have gone on a buying spree recently, a sign that could be bullish for the memecoin’s price.
Dogecoin Whales Have Accumulated During The Past Week
In a new post on X, analyst Ali Martinez has talked about the latest trend in the holdings of the Dogecoin whales. The metric shared by the analyst is the “Supply Distribution” from on-chain analytics firm Santiment, which tells us about the total amount of DOGE supply that a particular wallet group is holding right now.
Addresses or investors are put into these cohorts based on the number of tokens that they are carrying in their balance. All wallets with 5 coins, for example, are placed into the 1 to 10 coins range.
In the context of the current topic, the whales are the investors of interest. These entities are typically defined as holding between 100 million and 1 billion DOGE. At the current exchange rate, the former converts to $22.4 million and the latter to $224 million.
Clearly, the only holders who would qualify for the group would be the big-money traders. As such, the holdings of these investors can be worth keeping an eye on, as if nothing else, shifts in the cohort can provide information about the sentiment among the network’s influential beings.
Now, here is a chart that shows the the trend in the Dogecoin Supply Distribution for the whales over the last month and a half:
As displayed in the above graph, the 100 million to 1 billion Dogecoin range has seen its Supply Distribution go through a rise recently, indicating that members of the group have been participating in net accumulation.
In total, the whales have added 2 billion DOGE (worth $448 million) to their holdings over the past week. This is a notable amount and suggests that the large investors are expecting the cryptocurrency to go up from here. It only remains to be seen, however, whether this accumulation would pay off for them.
Alongside the buying, the cohort has also ramped up transaction activity, as Martinez has pointed out in another X post.
The indicator shown in the chart is the “Whale Transaction Count,” which measures the total number of transfers occurring on the Dogecoin blockchain that involve a sum greater than $1 million.
From the graph, it’s apparent that the metric has just seen a huge spike, a sign that big-money holders are on the move.
DOGE Price
Dogecoin has suffered a blow of 8% during the past day that has brought its price to $0.22
