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% Deleveraging—Here’s 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
On-chain data shows a Dogecoin whale has withdrawn a large sum from the cryptocurrency exchange Binance, a sign that may be bullish for the DOGE price. Dogecoin Whale Makes Massive Binance Withdrawal After Crash According to data from the cryptocurrency transaction tracker service Whale Alert, a massive transaction has been spotted on the Dogecoin blockchain during the past day. Related Reading: Solana Plunges 12%, But This Pattern Could Mean Decline Isn’t Over Yet The transfer in question saw the movement of 175,274,112 DOGE across the network, worth around $54.7 million at the time the sender executed the move. Given the size of the transaction, it’s likely that a whale entity was responsible for it. Whales are the large investors in the market who own notable amounts of the asset in their wallet balance. The influence of any investor on the network goes up the more coins that they hold, so the whales with their massive holdings can have an important presence. As such, their behavior can be something to watch for. How the moves of a whale might affect the asset comes down to what they intended to achieve with it. Due to the anonymous nature of the blockchain, though, it’s often not easy to comment on the intent behind any transfer. Luckily, in the case of the current transaction, there is one identifiable feature attached to it: a wallet associated with a centralized platform. Below are the address details for this Dogecoin whale transfer. As is visible, the receiving address in the case of the transfer was an unknown wallet, meaning that it can’t be traced to any known central entity. Such addresses are likely to be the investors’ personal wallets. The sending address, on the other hand, was attached to the cryptocurrency exchange Binance. Moves like this, where tokens flow from an exchange to a self-custodial address are known as exchange outflows. Related Reading: Bitcoin To $181,000? Mayer Multiple Reveals When BTC Will Become ‘Overbought’ Generally, the investors take their Dogecoin off into self-custody when they plan to hold into the long term, so exchange outflows can have bullish implications for the memecoin’s price. The whale has made this latest exchange outflow following a sharp decline in the price of Dogecoin, so it’s possible that these were all tokens freshly bought at the lower price. If so, this would naturally be a positive sign for the asset, as it suggests the large investors think this dip of the memecoin is worth accumulating at. DOGE Price At the time of writing, Dogecoin is floating around $0.32, down more than 10% over the past week. Featured image from Dall-E, whale-alert.io, chart from TradingView.com
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
On-chain data shows the Dogecoin whales have made a few large transactions during the last 24 hours. Here’s what they have been up to. Dogecoin Whales Have Been Making Transfers To & From Exchanges According to data from the cryptocurrency transactions tracker service Whale Alert, several large transfers have been spotted on the Dogecoin blockchain […]
On-chain data shows a Dogecoin whale made a large withdrawal from Binance today, which may be bullish for the memecoin’s price. A Large Amount Of Dogecoin Has Left The Binance Platform In The Past Day According to data from the cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Dogecoin blockchain during the past day. In this move, the network has processed the movement of 304,588,737 DOGE, worth around $52.3 million when the transaction was executed. Given the large scale of the transfer, it’s likely that a whale entity was involved. The whales are influential on the network due to the sheer number of tokens they carry in their wallets. As such, their moves can be worth keeping an eye on since they may cause noticeable fluctuations in the market. Related Reading: This Bitcoin Indicator May Have Signaled Latest Market Downturn In Advance How the market would be affected by the moves from these humongous entities depends on what they intend to do with those moves. Naturally, it’s impossible to say what an investor plans to do confidently. The type of addresses involved in the transaction, however, can sometimes at least provide a hint about what the whale may have wanted to achieve with the move. Below are the details of the latest Dogecoin whale transaction, which reveals its relevant addresses. Looks like this massive move only required a negligible fee of $0.03 to be possible on the Dogecoin blockchain | Source: Whale Alert As is visible, this Dogecoin transaction was executed from a wallet connected to the cryptocurrency exchange Binance. The destination of the move appears to have been a couple of unknown addresses. An unknown address refers to a wallet not affiliated with any centralized entity like an exchange (the sender in this transfer is a “known” wallet as it’s attached to a central entity in Binance). Generally, such addresses are the investors’ personal, self-custodial wallets. Transfers where coins move in the direction of exchanges to self-custodial entities are known as “exchange outflows.” Usually, investors make such moves when they plan to hold onto their coins long-term, as it’s safer to do so outside of these platforms, where the platforms control the wallets. Exchange outflows can also sometimes be an indication that fresh buying is going on, as some investors like to immediately withdraw their purchases of these platforms. Related Reading: Bitcoin Short-Term Holders Capitulate: $5.2 Billion Sold At Loss Given the relatively massive scale of the Dogecoin exchange outflow in the current case, it can naturally be bullish news for investors if the whale is indeed accumulating here. However, the scenario also exists where the whale has withdrawn to sell through the peer-to-peer (P2P) mode. In this case, the effect on the asset could be bearish instead. DOGE Price At the time of writing, Dogecoin is floating around $0.176, down 16% over the past week. The price of the asset seems to have been going down recently | Source: Whale Alert Featured image from Mike Doherty on Unsplash.com, chart from TradingView.com