Dogecoin whales have made significant investments in their holdings since the start of 2023. On-chain data from Santiment reveals these whales have bought around 1.47 billion Dogecoin (DOGE), making up 82% of the circulating supply. The whale buying coincided with a bullish momentum and a 12% gain to the coin in the year-to-date.

By analyzing movements in the market, the Santiment metric “Dogecoin Supply Distribution” displays the amount of Dogecoin belonging to each wallet group. The whales are associated with addresses within the range 10 million to 10 billion DOGE and it is estimated this cohort represents around 82% of the overall supply.

At times of selling (indicated with red on the graph), prices tend to sink and this has been the case for DOGE during the last year. Conversely, the buying action of the whales (green on the graph) has led to an upside market response.

Analyzing the Dogecoin Supply Distribution, the whales have continued to purchase coins over the last three months and this was accompanied by a 7% increase in price. Similarly, the whales have kept their wallets full, but the price remained stagnant on a one-week basis.

Interestingly, it appears the whales are a major driving force in the market as the buying trend leads to price increases and it can be concluded, as long as this cohort keeps hold of their crypto, the price may even continue to rise, or at least remain stable.



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