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On-chain data shows the Dogecoin whales have gone on a strong accumulation spree recently, a sign that could be bullish for DOGE’s price. Dogecoin Whales Have Just Increased Holdings By Around $1.08 Billion As pointed out by analyst Ali Martinez in a new post on X, DOGE whales have been participating in buying activities recently. The on-chain indicator of relevance here is the “Supply Distribution” from the analytics firm Santiment, which tells us about the total amount of the Dogecoin supply a given wallet group is holding right now. Addresses or investors are placed into these cohorts based on the number of coins that they are carrying in their balance. In the context of the current topic, the whale group is of interest, which comprises of the holders who own between 10 million and 1 billion DOGE. At the current exchange rate of the memecoin, the upper bound of the range converts to $3.5 million and the lower one to $350 million. Thus, the only investors who would qualify as whales would be among the largest of entities on the network. Related Reading: Bitcoin Coinbase Premium Sinks To Lowest Since FTX Crash: Bottom In? Large holdings naturally mean more power in the market, so the whales can occupy a key role in the asset’s price action. This makes these holders’ supply worth keeping an eye on, as any changes in it may end up reflecting in the cryptocurrency. Now, here is the chart shared by the analyst that shows the trend in the Supply Distribution for the Dogecoin whales over the past month or so: As displayed in the above graph, the Dogecoin whales took their supply to a high at the start of December, but then they reversed course toward a gradual selloff. The slow distribution suddenly turned into a sharp plunge in the indicator during the second half of the month, alongside which the memecoin’s price also suffered a notable drawdown. Given the timing, it’s probable the former was at least in part responsible for the latter. After one last selling push around Christmas, the whales finally stopped selling, but they also didn’t begin accumulation as their supply showed a sideways trajectory. Related Reading: Bitcoin Decline Continues: Is $86,800 The Level To Watch? This has changed in the last couple of days, as these humongous entities have added a notable amount to their holdings. More specifically, the whales have purchased a total of $1.08 billion worth of coins during this surge in the metric. Once again, the trend in the whale Supply Distribution appears to be translating to Dogecoin’s value, which is displaying a recovery rally. It now remains to be seen whether the whales will keep supporting this run or if they would take some quick profits, potentially killing the momentum. DOGE Price Dogecoin briefly surpassed the $0.350 level earlier in the day, but the coin has since seen a small retrace to $0.349. Featured image from Dall-E, Santiment.net, chart from TradingView.com