Dogecoin Whales Accumulate 100M Coins, Valued at $18M, in Bullish Trend
1min read On-chain data reveals that Dogecoin whales have been on a significant accumulation spree over the past week, a trend that could be bullish for the cryptocurrency. Analyst Ali Martinez highlighted this trend, using the "Supply Distribution" indicator from the on-chain analytics firm Santiment. This indicator provides insights into the total number of coins held by different investor groups, categorized by the number of coins in their wallets.
The cohort of interest in this analysis is the group holding between 1 million to 10 million coins. At current exchange rates, this range translates to holdings valued between $180,000 and $1.8 million. While this group does not include the largest addresses on the network, it still comprises significant whales whose behavior can influence the cryptocurrency's market dynamics.
According to the data shared by Martinez, the supply held by this group of Dogecoin investors initially dropped around a week ago, suggesting that these large investors engaged in some selling. This selling activity coincided with a recovery rally in DOGE’s price, indicating that the motive behind the selloff may have been profit-taking. However, in the past few days, as the memecoin’s surge has stalled, these investors have reversed their trajectory and resumed buying, accumulating approximately 100 million coins, valued at $18 million, over the past week.
This accumulation by large holders can be seen as a bullish sign for DOGE’s price. The Supply Distribution of this group will be crucial to monitor in the coming days, as sentiment in the cryptocurrency sector can change rapidly. If the indicator reverses its trend again, the memecoin could face a bearish outcome. However, the current trend suggests that these whales are confident in the future prospects of Dogecoin, which could drive further price appreciation.
