A Shift in Dogecoin Whales’ Holdings
Recent data from the market intelligence platform IntoTheBlock reveals that Dogecoin whales have been reducing their holdings in the past year. These whales are addresses holding at least 1% of the total circulating supply of the meme cryptocurrency.
- Whales’ influence on the network
- Behavior indicates sentiment
The chart below illustrates the change in the percentage of the total supply held by Dogecoin whales over the last year:
Whales’ Reduced Share in Circulation
Analysis of the graph shows a decrease in the share of the Dogecoin supply owned by these whales. Approximately a year ago, these investors possessed 45.3% of the asset’s supply, whereas now they hold around 41.3%.
- 9% reduction in net holdings
- Retail and mid-sized investors now have a higher share
IntoTheBlock categorizes “investors” as addresses holding 0.1% to 1% of the supply and “retail” as entities with less than 0.1%. Presently, investors control about 21% of the DOGE supply, and retail holds 37%.
Implications of Whales’ Reduced Holdings
The decrease in whales’ holdings suggests declining interest from large investors in Dogecoin, potentially impacting its price negatively.
- Centralization reduction
- Positive impact on DOGE ecosystem
Furthermore, the redistribution of the supply to smaller holders could enhance the health of the DOGE ecosystem by reducing centralization among a few large entities.
Blockchain Activity and Comparison
Recent updates from IntoTheBlock highlight the activity on the Dogecoin blockchain compared to other meme-based cryptocurrencies. The chart shows the number of traders and transactions for these assets, with Dogecoin currently leading the pack.
- Degen surpasses SHIB and PEPE for the number two position
- Remarkable achievement given DEGEN’s market cap
DOGE Price Movement
Over the past week, Dogecoin has experienced a significant drop of over 11%, bringing its price down to $0.122.
Hot Take: Dogecoin Whales’ Behavior Signals Concern
On-chain data shows the Dogecoin whales have been shaving off their holdings over the past year, a sign that could be bearish for the memecoin.
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