Dogecoin (DOGE) market mystery: On-chain data reveals interesting holder trends.
The Dogecoin (DOGE) market is taking an unexpected turn, with on-chain data revealing significant changes in holder behavior. According to recent analysis by Into TheBlock, the largest Dogecoin whales have been steadily reducing their holdings over the past year.
The data shows that the percentage of the total Dogecoin supply holding more than 0.1% has dropped from 45.3% to 41.3%.
This decrease shows that some of the largest Dogecoin holders are reducing their holdings, which may change the dynamics of the market.
On the contrary, the share of Dogecoin owned by retail and mid-sized investors has grown significantly during the same period. As whale holdings decline, these smaller investors now account for a larger portion of the total supply.
On-chain data shows a decline in Dogecoin whale holdings followed by an increase in participation from retail and mid-sized investors, highlighting a major shift in the market.
As Dogecoin ownership dynamics evolve, market participants will be paying close attention to how these changes impact price movements and overall market activity.
Dogecoin Price Trend.
At the time of writing, Dogecoin price has rebounded, rising 3.14% over the past 24 hours to hit $0.123, after falling to a low of $0.113 two days ago.
According to Santiment, market sentiment for Dogecoin dropped sharply following the price drop, creating opportunities for patient traders.
At current trading levels, Dogecoin is currently sitting above important on-chain support levels. According to data from TheBlock, 41.78 billion Dogecoins were purchased at an average price of $0.103, presenting an area of high demand that could be extremely important if the market continues to weaken. On the upside, DOGE may encounter resistance near $0.137, with 10.9 billion DOGE currently held in the red.
