Dogecoin Whales Exit, Reducing Total Supply by 9% 🐋📉

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.