Massive DOGE Spending: Whales Drop 700 Million DOGE Shopping ๐๐ธ
๐DOGE Whales Go on a Buying Spree
On-chain data reveals that Dogecoin whales have been net buyers in the past three days.
๐ Increase in Whales' DOGE Holdings
Dogecoin whales have accumulated a significant amount recently. The analytics firm Santiment tracks Dogecoin supply through its "Supply Distribution," which monitors the total DOGE held by various wallet groups.
These groups are categorized based on their coin balances. For instance, the 1 to 10 coins category includes all addresses holding 1 to 10 DOGE. Supply Distribution measures the total supply held by investors within these categories.
๐ก Bitcoin-Gold Correlation: Implications
In the context of DOGE, โwhalesโ refers to holders with 100 million to 1 billion DOGE. At current rates, this range is equivalent to $16.1 million to $161 million.
๐Significance of Whales
Whales are pivotal due to their large holdings. Their supply trends can be indicative of market moves.
๐Recent Whale Activity
The chart indicates that Dogecoin whales have significantly increased their holdings. In the past three days alone, they have acquired 700 million DOGE, approximately worth $113 million.
This buying spree happened amidst a slight dip in Bitcoin's price, suggesting these investors see the current DOGE price as an attractive entry point. Such interest from big investors is generally seen as a positive sign.
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The recent whale purchases have raised this group's total holdings to 30.91 billion DOGE, meaning whales now control 21.4% of the meme coin's circulation.
๐DOGE vs. SHIB Whale Activity
While DOGE whale purchasing is on the rise, the same cannot be said for SHIB. According to another post by Ali, centralized exchanges have received $103 million in SHIB recently, which could indicate selling pressure from Shiba Inu whales.$DOGE
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