Dogecoin has experienced a remarkable surge, rocketing up more than 150% over the past week, driven by the return of significant players known as sharks and whales on the network.
According to on-chain analytics from the firm Santiment, there has been a notable increase in the number of these influential entities. The key indicator in this analysis is the “Supply Distribution,” which tracks the number of addresses associated with different Dogecoin wallet groups. Wallets are grouped based on the number of tokens they hold; for example, the cohort holding between 1 and 10 Dogecoins is tracked separately from larger holders.
In this context, two address ranges have captured particular attention: wallets holding between 0 and 100,000 coins, and those holding over 100,000 coins. Smaller holders fall into the former category, while larger entities or “whales” fall into the latter. These large holders, given their substantial coin reserves, wield greater influence over the Dogecoin network, with whales being the most impactful due to their massive holdings.
Recent data shows that the supply distribution for the 0 to 100,000 coins group has been steadily increasing, reflecting a substantial influx of new investors. Specifically, 74,885 new addresses have been added in this range over the past four weeks. Conversely, the number of addresses with over 100,000 tokens has been declining, indicating that some large investors have been offloading their holdings.
However, there’s a twist. Despite the departure of approximately 350 prominent sharks and whales in the past month, the trend has shifted positively in recent days. Around 108 new wallets of this size have emerged, providing a likely catalyst for Dogecoin’s recent impressive rally.
Currently, both small-scale investors and major holders are increasing, though the long-term sustainability of this momentum remains uncertain. The uptrend among sharks and whales is particularly significant given their substantial market influence.
As of this writing, Dogecoin is trading at around $0.383, marking an increase of over 21% in the last 24 hours. The coin’s price has been on a consistent upward trajectory, buoyed by the renewed activity of both retail and large investors on the network.
