On-chain data shows the Dogecoin whales have gone on a buying spree recently, a sign that could be bullish for the memecoin’s price.
Addresses or investors are put into these cohorts based on the number of tokens that they are carrying in their balance. All wallets with 5 coins, for example, are placed into the 1 to 10 coins range.
Clearly, the only holders who would qualify for the group would be the big-money traders. As such, the holdings of these investors can be worth keeping an eye on, as if nothing else, shifts in the cohort can provide information about the sentiment among the network’s influential beings.
Now, here is a chart that shows the the trend in the Dogecoin Supply Distribution for the whales over the last month and a half:
As displayed in the above graph, the 100 million to 1 billion Dogecoin range has seen its Supply Distribution go through a rise recently, indicating that members of the group have been participating in net accumulation.
In total, the whales have added 2 billion DOGE (worth $448 million) to their holdings over the past week. This is a notable amount and suggests that the large investors are expecting the cryptocurrency to go up from here. It only remains to be seen, however, whether this accumulation would pay off for them.
From the graph, it’s apparent that the metric has just seen a huge spike, a sign that big-money holders are on the move.
Dogecoin has suffered a blow of 8% during the past day that has brought its price to $0.22
