Whales Get Out of Dogecoin: Total Supply Falls Nearly 9%



A potentially negative indicator for the memecoin might be the fact that, according to on-chain statistics, Dogecoin whales have been selling off their holdings over the last year.


Data from the market intelligence tool IntoTheBlock shows that other holding groups have lately taken supply share from DOGE whales, who have significantly reduced their supply in the last year. All Dogecoin addresses with 1% of the memecoin supply or more in their balance are considered "whales" in this context.


The enormous amount of tokens held by these enormous holders gives them disproportionate influence on the network. Even if their collective actions don't have any impact on the price, we may still learn a lot about how this group feels by watching how they behave.


Now, to show you how the Dogecoin whales' share of the total supply has evolved over the last year, here is the chart:


Whales of Dogecoin


During this time frame, the proportion of Dogecoins held by whales has decreased, as indicated in the graph above. In particular, compared to a year ago, when they controlled around 45.3% of the asset's supply, their ownership has decreased to roughly 41.3% now.


Around nine percent of the whales' net holdings have been sold since then. On the other hand, the analytics company notes that a higher portion of the overall supply is held by retail and mid-sized investors.


According to IntoTheBlock, "investors" are defined as addresses that possess 0.1–1% of the supply, whilst "retail" refers to entities holding less than 0.1%. Approximately 21% of the DOGE supply is held by the former, while 37% is held by the latter.


The drop in the number of whales' holdings throughout this time frame is adverse for Dogecoin's price as it shows that large money isn't interested in the cryptocurrency.


Redistribution of supply to smaller holders, on the other hand, might be good for the DOGE ecosystem since it implies the asset is less concentrated over a few major firms.


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