Dogecoin Whales Just Went On A 700M DOGE Shopping Spree


On-chain
data
reveals
the
Dogecoin
whales
have
participated
in
a
significant
amount
of
net
buying
during
the
last
three
days.

Dogecoin
Whales
Have
Seen
Their
Holdings
Rise
Recently

As
explained
by
analyst
Ali
Martinez
in
a

post
on
X,
DOGE
whales
have
just
shown
a
large
amount
of
accumulation.
The
on-chain
metric
of
interest
here
is
the
“Supply
Distribution”
from
the
analytics
firm
Santiment,
which
keeps
track
of
the
total
amount
of
the
Dogecoin
supply
that
the
various
wallet
groups
are
holding
right
now.

How To Get Free Crypto  

The
addresses
or
investors
are
divided
into
these
cohorts
based
on
the
number
of
coins
that
they
are
carrying
in
their
balance
currently.
The
1
to
10
coins
group,
for
example,
includes
all
addresses
that
own
between
1
and
10
DOGE.
If
the
Supply
Distribution
is
applied
to
this
group,
it
would
measure
the
total
amount
of
supply
that
the
investors
satisfying
this
condition
as
a
whole
are
holding
right
now.

In
the
context
of
the
current
discussion,
the
“whales”
are
of
interest.
These
holders
may
be
defined
as
those
carrying
between
100
million
and
1
billion
DOGE.
At
the
current
Dogecoin
exchange
rate,
the
two
ends
of
this
range
convert
to
around
$16.1
million
and
$161
million,
respectively.

Clearly,
the
whales
are
extremely
large
entities
and
it’s
because
of
this
scale
that
they
are
considered
to
be
influential
beings
on
the
network.
As
such,
the
behavior
of
these
investors
can
be
worth
tracking,
and
one
way
to
do
that
is
through
the
trend
in
their
supply.

The
chart
below
shows
how
the
Supply
Distribution
has
looked
for
the
Dogecoin
whales
recently:

The value of the metric appears to have spiked over the last few days | Source: @ali_charts on X

As
is
visible
in
the
graph,
the
Dogecoin
whales
have
seen
their
holdings
expand
recently.
More
specifically,
these
humongous
holders
have
bought
700
million
DOGE
(worth
almost
$113
million
right
now)
over
the
last
three
days
or
so.

Coinbase Banner  

This
buying
has
come
as
the
cryptocurrency’s
price
has
gone
through
a
slight
decline.
It
would
appear
that
these
investors
believe
the
current
prices
to
be
potentially
profitable
entry
points
into
the
coin.
Naturally,
big
money
holders
showing
such
an
interest
in
the
asset
can
be
a
bullish
sign.

Following
the
buying
spree,
the
total
supply
of
this
group
has
risen
to
around
30.91
billion
DOGE.
This
means
that
the
whales
now
control
around
21.4%
of
the
entire
circulating
supply
of
the
memecoin.

While
DOGE
has
seen
a
positive
development
in
terms
of
whale
buying,
its
competitor

Shiba
Inu
(SHIB)
hasn’t
been
so
lucky.
As
Ali
has
pointed
out
in
another
X

post,
centralized
exchanges
have
received
around
$103
million
worth
of
SHIB
over
the
past
couple
of
weeks.

Looks like the value of the metric has been rising recently | Source: @ali_charts on X

One
of
the
main
reasons
why
investors
deposit
to
these
platforms
is
for
selling-related
purposes,
so
these
large
deposits
could
suggest
Shiba
Inu
whales
have
been
selling
or
are
preparing
to
do
so.

DOGE
Price

At
the
time
of
writing,
Dogecoin
is
floating
around
$0.16,
down
1.5%
over
the
last
seven
days.

The price of the coin has observed a small drop in recent days | Source: DOGEUSD on TradingView

Featured
image
from
Dall-E,
Glassnode.com,
Santiment.net,
chart
from
TradingView.com

FreeBitcoin Banner  

Go to Source
Author: Keshav Verma


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.