In the past 24 hours, Dogecoin’s price has dropped 7 percent and ‘whales’ — large holders of the memecoin — continue to pile in, according to onchain data.
Whales holding between 10 million and 100 million DOGE (between $3.7 million and $37 million) are definitely on the rise, according to metrics provided by analytics firm Santiment cited by analyst Ali Martinez. Though these wallets are smaller than scale whales, all are vital parts of Dogecoin’s investor community.
In the case of this group, the data indicates a continued uptrend in holdings over recent weeks, with particularly sharp increases of holdings during the rally of Dogecoin, for example. Despite this current market fall, these whales have added a net 140 million DOGE, worth around $52 million, in the last 24 hours on their own.
Dogecoin Accumulation Continues Amid Market Decline
Dogecoin is seeing more of this accumulation as cryptocurrencies are showing a wider market downfall, with most coins depreciating. This had been a rally to buy and pullback is again something that the whales continue to do whilst the market stabilizes. It comes as Dogecoin’s rapid ascent the last few days which, excluding the most recent three hours, has clocked in a 7 day return of a whopping 88 percent.
Supply Distribution metric, which tracks holdings across wallet sizes, shows why whales buy strategically on market panses. While this rally has died a bit, these investors’ actions could espouse a belief that this will continue to the upside for DOGE.
But there is no certainty that this optimism will translate into sustained gain. The memecoin is likely to see its course charted based upon broader market conditions and mood.
Dogecoin’s recent slump does not change the fact that its weekly price performance has been strong and good for investors who got on board early in the rally. All eyes still point toward the whales to gauge if their confidence can drive the next price move for Dogecoin or if market forces will outweigh their bullish bets.
Whale activity continues to be a major metric in the memecoin ecosystem, a reflection of investor sentiment and direction of the market in the future.
