On-chain data shows the Dogecoin whales have gone on a significant buying spree in the past day, a sign that could be bullish for DOGE’s price.
Dogecoin Whales Have Purchased Big Over The Last 24 Hours
As pointed out by analyst Ali Martinez in a newpost on X, the DOGE whales have been participating in net buying 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 coins that a given Dogecoin wallet group is holding right now.
In the context of the current topic, thewhale cohort is of interest. The range of this group is typically defined as 100 million to 1 billion coins, with only addresses carrying a balance between these cutoffs qualifying for it. At the current exchange rate of the memecoin, this range converts to $10.9 million at the lower and $109 million at the upper end.
Clearly, this cohort corresponds to the large investors and thanks to this size of theirs, they can carry some degree of influence in the market. As such, the behavior of the whales can be worth keeping an eye on, as it may end up reflecting into the price of the cryptocurrency.
Now, here is a chart that shows the trend in the Dogecoin Supply Distribution for the whale entities over the last few weeks:
As displayed in the above graph, the Dogecoin supply held by the 100 million to 1 billion coins group saw a sharp increase last month, implying that the whales made large net buying moves.
What followed this accumulation was a rally toward the end of the month, which took DOGE beyond the $0.13 level for the first time since July. Since this peak, though, the asset’s price has taken a significant blow, as the cryptocurrency market as a whole has witnessed bearish winds.
Interestingly, despite the price crash, the supply of the whales has only shown a further increase, implying that the whales are scooping coins up at these lows, believing them to be offering a profitable window into the memecoin.
During the last 24 hours alone, these humongous investors have participated in net accumulation of over 1 billion DOGE, worth $109 million. Given that the last buying spree from the group led to a rally, it’s possible that this one might also result in a similar outcome.
It only remains to be seen, though, whether this latest bet from the Dogecoin whales would pay off as well or not.
DOGE Price
Dogecoin has outperformed the other top coins during the last 24 hours with a rally of almost 5%, which has taken its price to $0.109. Thus, it’s possible the bullish effect of the whale buying may already be starting to take hold.
Featured image from Dall-E, Santiment.net, chart from TradingView.com