On-chain data shows the Dogecoin whales have gone on a strong accumulation spree recently, a sign that could be bullish for DOGE\u2019s price.<\/p>\n
As pointed out by analyst Ali Martinez in a new post<\/a> on X, DOGE whales have been participating in buying activities recently. The on-chain indicator of relevance here is the \u201cSupply Distribution<\/a>\u201d from the analytics firm Santiment, which tells us about the total amount of the Dogecoin supply a given wallet group is holding right now.<\/p>\n Addresses or investors are placed into these cohorts based on the number of coins that they are carrying in their balance. In the context of the current topic, the whale<\/a> group is of interest, which comprises of the holders who own between 10 million and 1 billion DOGE.<\/p>\n At the current exchange rate of the memecoin, the upper bound of the range converts to $3.5 million and the lower one to $350 million. Thus, the only investors who would qualify as whales would be among the largest of entities on the network.<\/p>\n Large holdings naturally mean more power in the market, so the whales can occupy a key role in the asset\u2019s price action. This makes these holders\u2019 supply worth keeping an eye on, as any changes in it may end up reflecting in the cryptocurrency.<\/p>\n Now, here is the chart shared by the analyst that shows the trend in the Supply Distribution for the Dogecoin whales over the past month or so:<\/p>\n As displayed in the above graph, the Dogecoin whales took their supply to a high at the start of December, but then they reversed course toward a gradual selloff.<\/p>\n The slow distribution suddenly turned into a sharp plunge in the indicator during the second half of the month, alongside which the memecoin\u2019s price also suffered a notable drawdown. Given the timing, it\u2019s probable the former was at least in part responsible for the latter.<\/p>\n