Dogecoin Whales Just Went On A 700 Million DOGE Shopping Spree

On-Chain Data Reveals Dogecoin Whales Accumulation Surge

Chain analysis indicates that Dogecoin whales have engaged in significant net buying over the past three days.

Whale Accumulation

As highlighted by analyst Ali Martinez, Dogecoin whales have recently accumulated a substantial amount of the cryptocurrency. Santiment's "Supply Distribution" metric measures the total DOGE supply held by various wallet groups.

Whales are defined as holders carrying 100 million to 1 billion DOGE, with their current holdings ranging from approximately $16.1 million to $161 million.

Recent Buying

The below chart illustrates the recent trend in whale supply distribution:

The chart shows a surge in the metric over the last few days. Specifically, whales have acquired approximately 700 million DOGE (valued at $113 million) in the past three days. This accumulation occurred during a slight dip in the price of DOGE.

Bullish Implication

The interest of large investors in DOGE can be interpreted as a bullish signal, suggesting their belief in the asset's potential profitability at current prices.

Whale Holdings

Following the buying spree, whale holdings have increased to approximately 30.91 billion DOGE, representing 21.4% of the circulating supply.

Shiba Inu Whale Activity

In contrast to the positive whale activity for DOGE, its competitor Shiba Inu (SHIB) has experienced a different trend. As Martinez notes, centralized exchanges have received over $103 million worth of SHIB in recent weeks.

This suggests that SHIB whales may be selling or preparing to sell their holdings, as large deposits on exchanges are often associated with selling activity.

DOGE Price

At the time of writing, Dogecoin is trading around $0.16, down 1.5% over the past week.

Disclaimer: This content does not constitute financial advice.