Dogecoin Whales Reduce Total Supply, Decline by Almost 9%

Data suggests that Dogecoin’s significant holders have been decreasing their holdings over the past year, indicating a potential negative outlook for the meme-based cryptocurrency.

Decrease in Dogecoin Whales’ Holdings Over the Past Year

Recent data from the market intelligence platform IntoTheBlock reveals that Dogecoin whales have lost a portion of their holdings to other holder categories. These “whales” refer to Dogecoin addresses with at least 1% of the total circulating supply of the memecoin.

These large holders wield significant influence on the network due to the substantial number of tokens they possess. While their actions might not directly affect prices, they can provide insights into the sentiment within this group.

The graph below depicts the percentage change in the total supply held by Dogecoin whales over the last year:

The data indicates a decline in the share of Dogecoin supply held by these whales over the specified period. A year ago, these investors owned approximately 45.3% of the total supply, whereas now they possess around 41.3%.

These whales have sold about 9% of their total holdings since then. “Conversely, retail and mid-sized investors now hold a larger proportion of the total supply,” as per the analytics firm.

IntoTheBlock categorizes “investors” as addresses holding between 0.1% and 1% of the supply, with retail entities holding less than 0.1%. Currently, investors control about 21% of the DOGE supply, while retail holds 37%.

The reduced holdings of whales suggest a waning interest from big investors in Dogecoin, posing a bearish outlook for its price. However, the redistribution of supply to smaller holders could benefit the overall health of the DOGE ecosystem by reducing centralization among a few large entities.

Furthermore, IntoTheBlock also provided an update on the recent activity on the Dogecoin blockchain compared to other meme-based cryptocurrencies in the market in another X post.

The charts demonstrate the trader and transaction trends for these assets, highlighting Dogecoin as the leading memecoin by both metrics at present. Surprisingly, the second-ranked asset isn’t Shiba Inu (SHIB) or PEPE (PEPE) but Degen (DEGEN), despite DEGEN’s significantly smaller market cap compared to Dogecoin.

DOGE Price

Over the last week, Dogecoin’s price has plummeted by more than 11%, reaching $0.122.