Chain data show that Dogecoin whales have been in huge accumulation over the past week-this is a sign that can be a dog for bullish.
Dogecoin whales have expanded their stake in the past week
New post The X has discussed the latest trends in the offer of Dogecoin in the possession of some key investors. The relevance indicator here is the chain analysis company Santiment, “Distribution of Offer”, which tells us the total number of coins that investors in a particular wallet group currently own.
Owners or addresses are divided into these cohorts based on the number of coins they carry. For example, 1 to 10 coin groups include all investors that own 1 to 10 Memecoin chips.
In the context of the current topic, the cohort is of 1 to 10 million coins. With the current exchange rate, the lower limit of the range converts to $ 180,000 and the upper to $ 1.8 million.
Although this group certainly does not cover the largest addresses on the network, it still contains whales that could be considered as the key to cryptocurrency. As such, the behavior of this cohort can be paid to keep an eye on.
Here is a divided chart of analysts that shows how the offer of this Dogecoin investor group has changed in the last few months:
Looks like the value of the metric has been going up in recent days | Source: @ali_charts on X
As displayed on the above graph, the Dogecoin offer distribution of 1 million to 10 million coin groups noticed about a week ago, which means that these major investors participated in some sales.
This sale coincided with the Doge price recovery rally, so the motif behind it seems to have been a profit. In recent days, as Memecoin's jump is stuck, these investors have turned their trajectory over and re -depleted wallets.
In total, these Dogecoin whales have bought about 100 million coins ($ 18 million) over the past week. After this purchase, the offer acquired by this cohort has been exceeded before the previous sales level.
The gathering of large owners can be a DOGE price bullish sign. The distribution of a group offer may be monitoring in the following days, as there is not much browsing in the sector. In the case of a scenario that the indicator turns its trend, Memecoin may be faced instead.
Doge price
Dogecoin fell to $ 0.167 yesterday, but it seems that the coin has quickly collapsed because its price is now trading around $ 0.180.
The trend in the DOGE price over the last five days | Source: DOGEUSDT on TradingView
Highlighted Picture from Dall-E, Santiment.net, Graph on TradingView.com
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