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Author: Keshav Verma

Dogecoin Accumulation: DOGE Millionaires Have Shot Up By 76%

On-chain data shows the total number of Dogecoin millionaires has observed a steep increase over the past month, a sign of strong accumulation. Dogecoin Millionaires Have Jumped 76% In Past Month According to data from the market intelligence platform IntoTheBlock, the number of Dogecoin millionaires has been skyrocketing recently. “DOGE millionaires” here refer to the addresses that are carrying at least $1 million in their balance. Related Reading: Bitcoin Short-Term Holders Panic Capitulate $2.6 Billion In BTC Crash The below chart shows how the total number of such addresses has changed over the past month. The data for the two millionaire groups of the memecoin | Source: IntoTheBlock on X From the graph, it’s visible that the Dogecoin investors carrying between $1 million to $10 million worth of coins have seen their total count rapidly go up since the end of February. This range would include the sharks as well as the smaller of the whales, so this trend would imply interest in the cryptocurrency has sharply risen among these large entities. Following the latest increase, the total count of addresses holding a balance in this range has crossed the 800 mark. The largest of the investors in the market, those with more than $10 million in DOGE, have also seen their number grow in the same period, as the chart displays. The population of these humongous whales has now crossed the 200 mark. This means that in all, there are now more than 1,000 millionaires on the Dogecoin network. This corresponds to a growth of around 76% in the past 30 days, which is a pretty rapid increase. Since the indicator has caught pace, DOGE has also witnessed an impressive rally, which may not be a coincidence. Naturally, if the number of these millionaires continues to rise into the near future, it would be a sign that big money interest in the memecoin is still furthering, which would be a positive sign for the rally. DOGE Price Has Enjoyed A Sharp Rally Recently Towards the end of last month, Dogecoin finally managed to break free of its long spell of consolidation and did so in quite the spectacular fashion as well. As the chart below shows, DOGE has observed a rapid rise in the past couple of weeks. Looks like the price of the memecoin has witnessed some sharp bullish momentum recently | Source: BTCUSD on TradingView During this rally so far, Dogecoin has managed to reach a high beyond the $0.20 level. Since this peak, however, the coin has seen some notable drawdown, as it’s now trading around $0.15. From the chart, it’s visible that the initial sharp crash in the memecoin had occurred at the same time as Bitcoin had plummeted following a breach of its previous all-time high price. Related Reading: Solana Open Interest Plunges 20%: What It Means For Price Unlike BTC, though, which has made some significant recovery already, DOGE is yet to close back in on its recent highs. Despite this significant pullback, though, the coin’s investors would still be carrying profits of more than 95% over the past month, showcasing just how strong its recent bullish momentum has been. In terms of the market cap, Dogecoin is currently the nineth-largest asset in the sector, some distance behind eighth-placed Cardano (ADA). DOGE's market cap appears to be almost $22 billion at the moment | Source: CoinMarketCap While Dogecoin still has a comfortable gap to Shiba Inu (SHIB) in tenth, its rival is fast approaching it with a run of a whopping 131% in the past week. Featured image from Kanchanara on Unsplash.com, CoinMarketCap.com, IntoTheBlock.com, chart from TradingView.com

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Dogecoin Shark & Whale Population RisesPrice Turnaround Incoming?

Author: Keshav Verma

United Kingdom

Source: NewsBTC

Mar 20, 2025 12:05

Dogecoin Shark & Whale Population RisesPrice Turnaround Incoming?

On-chain data shows the Dogecoin shark and whale wallets have been increasing in number recently, a sign that could be bullish for DOGE’s price. Dogecoin Sharks & Whales Have Been Expanding Despite Price Decline According to data from the on-chain analytics firm Santiment, Dogecoin has recently seen a rise in a couple of important indicators. The first metric of relevance here is the “Supply Distribution” of the DOGE wallets carrying more than 1 million tokens. Related Reading: Bitcoin Miner Selling Still Elevated, On-Chain Data Shows The Supply Distribution tells us, among other things, the number of addresses that belong to a particular coin range. The indicator for the 1 to 10 coins group, for instance, measures the amount of holders who own at least 1 and at most 10 DOGE in their balance. The 1 million+ DOGE cohort, which is the range of focus here, includes two key investor groups: sharks and whales. At the current exchange rate, the cutoff for the range converts to around $166,600. This is clearly quite a significant amount, which is why the entities belonging to the sharks and whales are considered important on the network. Now, here is the chart that shows the trend in the Dogecoin Supply Distribution for the 1 million+ coins range over the last few months: As displayed in the above graph, the Dogecoin Supply Distribution of the sharks and whales observed a plunge when the bearish action in the memecoin’s price first started in January. Since the start of February, however, the indicator has reversed its direction and has been following an upward trajectory. Interestingly, this wallet increase has come despite the fact that the asset’s decline has only furthered during the period. The trend would imply that, although the big-money investors panic sold when the drawdown first began, they have since shifted their attention to accumulating the dip instead. In total, the shark and whale wallets have gone up by 62 (around 1.24%) since the beginning of February and are now not far from the peak witnessed back in January. The increase in the large wallets isn’t the only positive sign Dogecoin has seen; there has also been bullish development in another indicator attached in the chart. The metric in question is the Active Addresses, which keeps track of the total number of DOGE addresses taking part in some kind of transaction activity on the blockchain every day. Related Reading: Bitcoin Resets With 14% DeleveragingHeres What Past Events Led To From the graph, it’s visible that the Dogecoin Active Addresses has jumped to a 4-month high recently, suggesting a large amount of users have been making transfers on the network. While the increase in the shark and whale wallets has been occurring for a while now, the signal in the Active Addresses is a more recent one. It would appear that the current low prices may have finally caught the attention of the masses, who are now coming active to make their moves. DOGE Price At the time of writing, Dogecoin is trading around $0.166, up around 4% in the last seven days. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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Dogecoin Price Down 7%, But Whales Continue To Buy

Author: Keshav Verma

United Kingdom

Source: NewsBTC

Nov 17, 2024 12:05

Dogecoin Price Down 7%, But Whales Continue To Buy

On-chain data shows the Dogecoin whales have continued to buy recently despite the pullback that the memecoin’s price has suffered. Dogecoin Whales Have Just Added 140 Million DOGE To Their Wallets As pointed out by analyst Ali Martinez in a new post on X, the Dogecoin whales have continued their buying push during the last 24 hours. The indicator of interest here is the “Supply Distribution” from the on-chain analytics firm Santiment, which keeps track of the total amount of DOGE that a given wallet group is holding right now. Addresses are divided into these cohorts based on the number of coins that they are carrying in their balance. The 1 to 10 coins group, for instance, contains all investors who own between 1 and 10 DOGE. Related Reading: Bitcoin Retail Is Finally Back: These Metrics Point To An Explosion In Interest In the context of the current topic, the 10 million to 100 million coins group is of focus. At the current exchange rate, the lower end of this range converts to about $3.7 million, while the upper one to $37 million. These are clearly significant amounts, so the only investors who would qualify for this cohort would be the big-money ones. The group certainly doesn’t include all holders of this kind as the upper limit is ‘just’ $37 million, but it does the contain smaller of the whales, who are still an important part of the DOGE ecosystem. Now, here is the chart shared by the analyst that shows the trend in the Supply Distribution specifically for this Dogecoin group over the past few weeks: From the above graph, it’s visible that the Dogecoin supply held by these whales has been riding an uptrend recently, with a particularly sharp increase coming during the past few days, coinciding with DOGE’s massive rally. Considering this timing, it’s likely that these investors have been helping support the run. In the last 24 hours, the memecoin has seen a reversal in direction, with its price suffering a pullback of around 7% as the cryptocurrency market as a whole has registered a red day. Interestingly, despite the decline, the Supply Distribution for the 10 million to 100 million coins group has continued to head up. In total, these humongous investors have added a net 140 million DOGE to their holdings, worth almost $52 million at the moment. This accumulation naturally suggests that the whales don’t think that the rally is over just yet. Related Reading: Dogecoin & Co. Take Over Social Media: Why Memecoin Frenzy Is Bad For Bitcoin It only remains to be seen, though, whether the positive sentiment from these large investors can induce a fresh surge in Dogecoin, or if their bet would fail this time around. DOGE Price Even though Dogecoin has seen a notable drawdown since its top, the meme coin’s investors would still make significant profits as the asset’s weekly returns sit at a positive 88%. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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Dogecoin Whales Scoop Up 1 Billion DOGE: Time For Rally To Return?

Author: Keshav Verma

United Kingdom

Source: NewsBTC

Oct 06, 2024 12:05

Dogecoin Whales Scoop Up 1 Billion DOGE: Time For Rally To Return?

On-chain data shows the Dogecoin whales have gone on a significant buying spree in the past day, a sign that could be bullish for DOGE’s price. Dogecoin Whales Have Purchased Big Over The Last 24 Hours As pointed out by analyst Ali Martinez in a new post on X, the DOGE whales have been participating in net buying recently. The on-chain indicator of relevance here is the “Supply Distribution” from the analytics firm Santiment, which tells us about the total amount of coins that a given Dogecoin wallet group is holding right now. In the context of the current topic, the whale cohort is of interest. The range of this group is typically defined as 100 million to 1 billion coins, with only addresses carrying a balance between these cutoffs qualifying for it. At the current exchange rate of the memecoin, this range converts to $10.9 million at the lower and $109 million at the upper end. Clearly, this cohort corresponds to the large investors and thanks to this size of theirs, they can carry some degree of influence in the market. As such, the behavior of the whales can be worth keeping an eye on, as it may end up reflecting into the price of the cryptocurrency. Related Reading: Bitcoin Miner Selloff Is Calming Down: Green Sign For Rally To Continue? Now, here is a chart that shows the trend in the Dogecoin Supply Distribution for the whale entities over the last few weeks: As displayed in the above graph, the Dogecoin supply held by the 100 million to 1 billion coins group saw a sharp increase last month, implying that the whales made large net buying moves. What followed this accumulation was a rally toward the end of the month, which took DOGE beyond the $0.13 level for the first time since July. Since this peak, though, the asset’s price has taken a significant blow, as the cryptocurrency market as a whole has witnessed bearish winds. Interestingly, despite the price crash, the supply of the whales has only shown a further increase, implying that the whales are scooping coins up at these lows, believing them to be offering a profitable window into the memecoin. During the last 24 hours alone, these humongous investors have participated in net accumulation of over 1 billion DOGE, worth $109 million. Given that the last buying spree from the group led to a rally, it’s possible that this one might also result in a similar outcome. Related Reading: XRP Crashes 14% As Whales Send Deposits To Exchanges It only remains to be seen, though, whether this latest bet from the Dogecoin whales would pay off as well or not. DOGE Price Dogecoin has outperformed the other top coins during the last 24 hours with a rally of almost 5%, which has taken its price to $0.109. Thus, it’s possible the bullish effect of the whale buying may already be starting to take hold. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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