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Dogecoin Bullish Indicator: Whales Accumulate $1.08 Billion in DOGE
Recent on-chain data suggests that Dogecoin whales have been on an accumulation spree, signaling a potential bullish trend for DOGE’s price.
Whales Add $1.08 Billion Worth of DOGE to Their Holdings
According to analyst Ali Martinez, large-scale Dogecoin investors, often referred to as “whales,” have been actively buying DOGE recently. This trend can be observed through the “Supply Distribution” metric provided by the analytics platform Santiment. This indicator tracks the total amount of DOGE held by specific wallet groups based on their holdings.
For this analysis, the whale category includes wallets holding between 10 million and 1 billion DOGE. At current market rates, these holdings range between $3.5 million and $350 million, making this group one of the most influential on the Dogecoin network.
Whale Activity and Market Influence
Given the significant size of their holdings, whales can greatly impact Dogecoin’s price. Changes in their activity, whether accumulation or distribution, often correlate with market movements, making their behavior a critical factor for tracking price trends.
A chart shared by Martinez highlights the Supply Distribution trends among Dogecoin whales over the past month.
Whale Supply Trends
In early December, whale holdings reached a peak, but this was followed by a gradual selloff. This distribution phase intensified during the second half of the month, coinciding with a significant drop in DOGE’s price. The alignment of these events suggests that the selloff by whales may have contributed to the downturn.
However, the selling activity eased around Christmas, and whale holdings stabilized without any significant buying or selling.
This trend shifted in the past few days as whales significantly increased their holdings. In this recent buying spree, they added approximately $1.08 billion worth of DOGE to their wallets.
Potential Implications for DOGE’s Price
The accumulation appears to have fueled a recovery in Dogecoin’s price, indicating that whale behavior continues to influence the market. The key question now is whether these large investors will sustain their buying momentum or opt to take profits, which could disrupt the ongoing rally.
As Dogecoin’s price reacts to these developments, market participants will be closely monitoring the whales’ next moves to gauge potential price trajectories.