Recently, Dogecoin (DOGE) has experienced an astonishing rise, with its price soaring by more than 150% in just one week. This phenomenon is closely related to the return of sharks and whales shown by on-chain data, and has become the focus of market attention.
On-chain data reveals the return of sharks and whales:
According to the latest on-chain data, the number of sharks and whales, the “big players” on the Dogecoin network, has rebounded significantly recently. We can get a clearer picture of this phenomenon by looking at the key metric “supply distribution.”
Supply Distribution reveals the distribution of wallets of different sizes by measuring the Dogecoin balance per address. In particular, we focus on two ranges of addresses: small investors (retail traders) holding between 0 and 100,000 DOGE, and large entities (sharks and whales) holding more than 100,000 DOGE. The dynamics of these two groups of holders are critical to market direction.
Why are sharks and whales so important?
Theoretically, the more coins an address holds, the greater its influence on the network. Especially whales, these large-scale currency holders have a particularly significant impact on market price fluctuations. Currently, approximately 108 new wallets with currency holdings of 100,000+ DOGE have been added to the network, becoming a key driving force behind the surge in the Dogecoin market.
Dogecoin's market rebound is due to the combined effects of retail investors and whales:
The collective participation of retail and large investors has caused the price of Dogecoin to rise sharply in a short period of time. In particular, the return of whales has given the market a strong signal: Dogecoin is still an attractive investment target.
However, despite the impressive market rebound, there is still uncertainty as to whether this momentum can continue. After all, the behavior of whales can directly affect the short-term volatility of the market, and the sentiment and reaction of retail investors will also be an important factor in price fluctuations.
Currently, the trading price of Dogecoin has reached about $0.384, and has risen by more than 21% in the past 24 hours. Whether this price trend will continue still needs to pay attention to the capital flow and market sentiment of sharks and whales.
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