Dogecoin Whales Bought 1.47 Billion DOGE In Q1 2023: Santiment
03 Abril 2023 - 9:20AM
NEWSBTC
On-chain data from Santiment shows the Dogecoin whales have added
another 1.47 billion DOGE to their holdings in the year 2023 so
far. Dogecoin Whales Been Accumulating In 2023 So Far According to
data from the on-chain analytics firm Santiment, Dogecoin whales
have added DOGE worth $123.1 million to their treasuries since 1
January 2023. The relevant indicator here is the “DOGE Supply
Distribution,” which tells us about the total percentage of the
Dogecoin supply that each wallet group in the market is holding
right now. Addresses are divided into these “wallet groups” based
on the total number of coins that they are carrying currently. For
instance, the 1-10 coins cohort includes all addresses that are
holding a balance of between 1 and 10 DOGE. If the Supply
Distribution is applied to this particular cohort, it would combine
the amounts all such wallets are holding at the moment and
calculate the percentage of the total supply that this sum is equal
to. Related Reading: Bitcoin Bear Market Over? This Historic
On-Chain Signal Suggests So In the context of the current
discussion, the groups of interest are those with balances of at
least 10 million DOGE. Below is a chart that shows the Dogecoin
Supply Distribution for these cohorts over the last year: Looks
like the value of the metric seems to have observed some rise in
recent months | Source: Santiment on Twitter To be more precise,
three groups fall in this range (10 million to 100 million, 100
million to 10 billion, and 10 billion to infinity), so their Supply
Distribution data is displayed after merging them into one group.
Since the range’s lower bound is worth almost $800,000, the
investors that these addresses would belong to are likely to be the
whales. This holder group can hold immense importance in the market
due to the sheer size of the holdings of its investors. Movements
from the whales can hold the power to move the market, as can also
be seen in the above graph. When these humongous investors were
selling during the past year (the red zones in the chart), the
price overall moved downwards. Related Reading: Dogecoin Inches
Closer To $0.08 After Burger King Tweets ‘Need DOGE’ On the other
hand, buying from this cohort (the green zone) has looked to have
led to the price climbing higher. In the three months since the
start of the year 2023, the whales have once again been busy
expanding their holdings. Overall, these holders have accumulated
about 1.47 billion DOGE in this period, and their combined wallet
balances now contain almost 82% of the entire circulating supply of
the meme coin. While this new accumulation streak has occurred,
Dogecoin’s price has felt some bullish momentum. The year-to-date
returns, however, haven’t still been too impressive as the coin is
just 12% in the green during the period. The reason behind it is
that the asset has slowed down in recent weeks as the whale supply
has also been moving sideways. Nonetheless, as long as the whales
don’t sell, the price may at least be able to maintain around the
current levels, or even be able to build up some fresh upwards
momentum. DOGE Price At the time of writing, Dogecoin is trading
around $0.0785, up 7% in the last week. DOGE hasn't moved much in
the last few days | Source: DOGEUSD on TradingView Featured image
from Kanchanara on Unsplash.com, charts from TradingView.com,
Santiment.net
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