Dogecoin Whales Fill Up Bags As DOGE Price Dips 5%
July 18 2024 - 11:30PM
NEWSBTC
On-chain data shows the Dogecoin whales have gone on a buying spree
while the memecoin’s price has declined in the last 24 hours.
Dogecoin Whales Have Increased Their Holdings During The Past Day
As pointed out by analyst Ali Martinez in a post on X, the Dogecoin
whales have participated in net accumulation in the last 24 hours.
The on-chain metric of relevance here is the “Supply Distribution”
from the analytics firm Santiment which tells us about the amount
of DOGE that a given wallet group is currently holding. Related
Reading: Bitcoin Forming A Signal That’s Usually “Very Bullish,”
Analyst Says Addresses are divided into these wallet cohorts based
on the number of coins they are carrying. In the context of the
current discussion, the 1 million to 10 million coins group is of
interest. This group naturally includes only the holders that own
at least one million and at most ten million tokens of the memecoin
in their balance. At the current asset price, the lower end of this
range converts to around $118,000, while the upper one is
equivalent to $1.18 million. Only the large holders of the DOGE
network would qualify for this group. More specifically, the
smaller end of the whale cohort would fall inside this range. Now,
here is the chart shared by the analyst that shows the trend in the
Supply Distribution for these Dogecoin whales over the past few
weeks: As displayed in the above graph, the Dogecoin Supply
Distribution for this cohort has increased over the last few days.
This would suggest that the whales have been participating in net
accumulation. During the last 24 hours alone, these investors have
added more than 60 million DOGE to their wallets, worth around $7.1
million. While this amount isn’t high, the fact that the group
hasn’t sold during the latest pullback in the price could be an
optimistic sign for the memecoin. The timing of the buys would
certainly suggest that the whales are looking at Dogecoin with a
keen eye, jumping on any dip opportunities that appear, as they may
end up being profitable. Related Reading: XRP Surges 39% As Sharks
& Whales Push Supply Share Past 85% The indicator may be to
monitor in the coming days, though, as things can sometimes quickly
change, and any selloffs from these humongous investors could lead
to a bearish outcome. DOGE Price Dogecoin had broken beyond the
$0.127 level during its recent surge, but the coin has seen a
retrace in the past 24 hours, taking its price down to $0.119. The
below chart shows what the recent performance of the memecoin has
looked like. Featured image from Dall-E, Santiment.net, chart from
TradingView.com
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