In a significant shift over the past year, Dogecoin's largest whales, those holding more than 0.1% of the total supply, have been steadily reducing their holdings. According to IntoTheBlock, their collective share has decreased from 45.3% to 41.3%, indicating a redistribution of the meme coin towards retail and mid-sized investors.

This trend is validated by the increase in supply held by entities with balances between 100 million and 1 billion DOGE. Despite a recent 20% drop in Dogecoin's value, the redistribution trend could suggest further losses.

However, the potential launch of spot Dogecoin ETFs could boost its trajectory. Experts, including BitMEX co-founder Arthur Hayes, believe that Dogecoin could secure an ETF by the end of this cycle, given its status as the oldest meme coin and its competitive advantage over newer meme coins.