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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Dogecoin’s Ownership Shifts: Whales Downsize As Prices Dip, Who’s In Charge Now?

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Dogecoin whale

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As the crypto market endures another tumultuous period, Dogecoin has seen significant changes in its ownership structure. Recent data from IntoTheBlock reveals a notable shift, with major Dogecoin whales—those holding more than 0.1% of the total supply—reducing their stakes.

Dogecoin Redistribution: Who Is In Charge Now?

IntoTheBlock data indicates that this position reduction from these whales has been ongoing for the past year. Specifically, the share of Dogecoin controlled by these large holders has decreased from 45.3% to 41.3%.

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This trend suggests a possible decentralization of ownership or a strategic shift in the holdings of larger investors, perhaps in response to market conditions or broader cryptocurrency trends.

Simultaneously, this decrease among major holders has been accompanied by increased ownership among retail and mid-sized investors. These smaller investors have seized the opportunity to accumulate more Dogecoin, raising their collective stake in the total supply.

Dogecoin holders historical concentration.
Dogecoin holders’ historical concentration. | Source: IntoTheBlock

This redistribution of Dogecoin holdings could indicate a growing democratization in the investment landscape of this particular cryptocurrency.

As more individuals and smaller investors become significant stakeholders, the dynamics of market reactions to news and events could shift, potentially leading to increased market stability or different volatility patterns based on these new majority holders’ trading behaviors.

Price Dips: Traders Suffer, Analysts Remain Optimistic

Meanwhile, the decentralization of Dogecoin holdings contrasts with the current market conditions, where the price of Dogecoin has fallen nearly 10% in the last 24 hours to $0.211.

Dogecoin (DOGE) price chart on TradingView
DOGE price is moving upside down on the 4-hour chart. Source: DOGE/USDT on TradingView.com

This decline is part of a broader downturn that saw the cryptocurrency shed 12.5% of its value over the past week, bringing its market capitalization below $18 billion.

This downward trend in Dogecoin’s price is impacting traders significantly. According to Coinglass, the last 24 hours have seen 165,199 traders liquidated, contributing to $459.04 million in total market liquidations.

Dogecoin total liquidations.
Dogecoin total liquidations. | Source: Coinglass

Dogecoin traders alone have faced about $61.89 million in losses. Liquidation in the crypto market refers to the forced closure of leveraged positions due to a partial or total loss of the trader’s initial margin. This happens when they cannot meet the margin requirements for their leveraged position.

Despite the prevailing bearish trends, the sentiment isn’t universally negative. Santiment reports a decrease in crowd sentiment towards Dogecoin, suggesting that the current low prices might offer a buying opportunity for patient investors.

This perspective aligns with observations from market analysts who see the potential for recovery. Particularly, Trader Tardigrade, a renowned crypt analyst on X, describes a “Ladle Pattern” in Dogecoin’s price movements, indicating a potential bullish trend.

$DOGE has been forming Ladle Pattern in each cycle.
The bowl is ready 🔥
Are you ready for the shaft??
Ride on it 🚀#Dogecoin pic.twitter.com/zJQBnWuoSv

— Trader Tardigrade (@TATrader_Alan) June 15, 2024

Meanwhile, Crypto analyst Javon Marks predicts a significant upswing for Dogecoin, anticipating a price surge based on historical performance and projecting an optimistic future for the meme coin amidst its current lows.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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The highest standards in reporting and publishing
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