On-chain data shows that Dogecoin whales have gone on a buying spree as the memecoin’s price has fallen over the past 24 hours.
Dogecoin whales have increased their holdings in the last day
As pointed out by analyst Ali Martinez in a publish On X, Dogecoin whales participated in net accumulation over the past 24 hours. The on-chain relevance metric here is “Supply Distribution”from analytics firm Santiment, which tells us how much DOGE a given wallet group currently holds.
Addresses are divided into these wallet groups based on the number of coins they hold. In the context of the current discussion, the group of 1 million to 10 million coins is of interest.
This group naturally includes only holders who have at least one million and a maximum of ten million memecoin tokens in their balance. At the current price of the asset, the lower limit of this range translates to around $118,000, while the upper limit equates to $1.18 million.
Only large holders of the DOGE network would qualify for this group. More specifically, the smaller end of the whale cohort would fall within this range.
Now, here is the chart shared by the analyst that shows the trend in the supply distribution of these Dogecoin whales over the past few weeks:
As shown in the chart above, the distribution of Dogecoin supply to this group has increased in recent days. This would suggest that whales have been participating in networks accumulation.
In the last 24 hours alone, these investors have added over 60 million DOGE to their wallets, worth around $7.1 million. While this amount is not huge, the fact that the group did not sell during the latest price drop could be a bullish sign for the memecoin.
The timing of the purchases would certainly suggest that whales are watching Dogecoin with a watchful eye, taking advantage of any dip opportunities that appear as they could end up being profitable.
However, the indicator can be monitored in the coming days as sometimes things can change quickly and any selling by these giant investors can lead to a bearish outcome.
DOGE Price
Dogecoin broke above the $0.127 level during its recent rally, but the coin has seen a pullback in the past 24 hours, dropping its price to $0.119.
The chart below shows how the memecoin has performed recently.