Dogecoin whales have made substantial purchases over the last 24 hours, according to analyst Ali Martinez. The on-chain indicator of note, provided by analytics firm Santiment, is the “Supply Distribution,” which reveals the total coin holdings of specific Dogecoin wallet groups. The cohort of interest here comprises wallets holding between 100 million to 1 billion DOGE, translating to $10.9 million to $109 million at current exchange rates. These substantial investors, known as whales, have the power to influence the market significantly. Their behavior often warrants attention as it can impact the cryptocurrency’s price.
A recent chart tracking the supply distribution among these whale entities over the past few weeks shows a notable trend. Last month, the supply held by wallets with 100 million to 1 billion DOGE saw a sharp increase, signaling major net buying activities. This accumulation spurred a rally toward the end of the month, pushing Dogecoin above $0.13 for the first time since July. However, after reaching this peak, the price faced a downturn amidst a broader market slump.
Despite this price dip, whale holdings have continued to increase, suggesting that these major investors are buying more coins at lower prices, anticipating future profitability. Over the last 24 hours alone, these investors have accumulated more than 1 billion DOGE, valued at $109 million. Given that previous buying surges from this group led to price rallies, there is speculation that this recent accumulation could yield a similar outcome.
Dogecoin has outperformed other top cryptocurrencies in the last 24 hours, rallying almost 5% to reach $0.109. This suggests that the bullish influence of whale buying may already be starting to manifest. Whether this latest buying spree from Dogecoin whales will pay off remains to be seen, but current trends indicate potential positive momentum.