Data on the blockchain shows that Dogecoin investors have recently been accumulating heavily, which may be a sign of a potential rise in DOGE prices. Dogecoin whale holdings have just increased to around 1.08 billion dollars. As analyst Ali Martinez pointed out in a recent post on X, DOGE whales have recently engaged in buying activities. The relevant on-chain metric here is the 'Supply Distribution' from analytics firm Santiment, which tells us the total amount of Dogecoin supply being held by a specific group of wallets. These addresses or investors are placed in these groups based on the number of tokens they hold. In the context of the current topic, the focus is on the whale group, which includes those holding between 10 million and 1 billion DOGE. Based on the current exchange rate of the meme coin, the upper limit of the range is 3.5 million dollars and the lower limit is 350 million dollars. Therefore, only qualified investors can become one of the largest entities in the network. Holding a large amount of natural assets means having more power in the market, so these whales may play an important role in asset price movements. This makes the supply of these holders worth paying attention to, as any changes within it could reflect in the cryptocurrency. Below is the chart shared by the analyst, showing the trend of the supply distribution among Dogecoin speculators over the past month: Please enter the text to be translated. As the chart shows, Dogecoin whales pushed the supply to a peak at the beginning of December, but then they reversed course and gradually sold off. The sudden decrease in distribution turned into a significant drop in the indicators for the latter half of the month, during which the price of the memecoin also decreased significantly. In terms of timing, previous reasons were at least partially responsible. After the last wave of selling following Christmas, the last few whales stopped selling, but they also did not start accumulating since their supply trend remained stable. This has changed in the past few days as these major entities have increased their holdings. Specifically, these whales have purchased a total of 1.08 billion dollars in tokens during this sudden increase in the index. Again, the trend of whale supply distribution seems to be turning towards the value of Dogecoin, showing signs of a recovery. It is still unknown whether the whales will continue to support this price increase or if they will quickly take profits, potentially stifling the upward momentum. $DOGE $SHIB $PEPE
