As a seasoned researcher with years of experience in analyzing cryptocurrency market trends, I find it fascinating to observe the dynamics at play within the Dogecoin ecosystem. The recent surge in the number of sharks and whales on the network is a clear indication of growing interest in this memecoin.
In simple terms, over the last seven days, the value of Dogecoin has soared by more than 150%. This surge appears to be due to a resurgence of large investors, referred to as “sharks” and “whales,” returning to the Dogecoin network.
Dogecoin Sharks & Whales Have Seen Their Count Grow Recently
Based on information from the chain analysis company Santiment, there has been a change in the holding patterns of larger Dogecoin investors (sharks and whales) as indicated by the “Supply Distribution” metric. This metric provides insights such as the number of addresses within specific Dogecoin wallet groups.
Wallet groups are categorized based on the quantity of tokens they have in their current balance. For example, the group with 1 to 10 coins encompasses all wallets containing between 1 and 10 DOGE. The Supply Distribution for this particular group provides information about the total number of addresses that meet this criteria.
In our ongoing conversation, we’re focusing on two coin ranges that matter: those between 0 and 100,000 coins, which are typically held by smaller investors such as retail, and those with over 100,000 coins, which are usually in the possession of large entities like sharks and whales.
In a network like memecoin, the impact of an address grows as it holds more coins. Therefore, due to their substantial holdings, sharks and whales can be seen as crucial groups. Notably, the whales, with their larger stockpiles, are generally more influential than the sharks because they possess greater amounts of tokens.
Currently, I’d like to share with you a graph provided by an analytics company, which illustrates the latest pattern in Dogecoin Supply Distribution over the past couple of months.
The graph shows that the number of Dogecoin holders with between 0 and 100,000 coins has been increasing steadily over time, indicating an increase in medium-scale investors joining the blockchain network.
In the past month, approximately 74,885 new addresses have popped up within this range. Simultaneously, there’s been a drop in the indicator for the group holding over 100,000 tokens, which might indicate that major investors are selling off their investments.
Despite a recent exodus of around 350 prominent Dogecoin holders (sharks and whales) from the network within the last month, there seems to be an improvement in shorter periods of time.
Approximately 108 wallets of this specific size have appeared on the network within the past few days, likely providing the source of the memecoin’s strong surge in value.
Currently, we see an increase in activity across both retail and large-scale investors on the network, yet it’s uncertain if this growth will continue. Notably, the surge in the Supply Distribution among the ‘sharks’ and ‘whales,’ being key players in the market, holds more weight due to their influence.
DOGE Price
At the time of writing, Dogecoin is trading around $0.383, up over 21% over the last 24 hours.
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2024-11-13 14:10