In a surprising twist in the Dogecoin (DOGE) market, on-chain data has revealed a significant change in holder behavior. According to a recent analysis of In the blockThe largest Dogecoin whales have been steadily reducing their holdings over the past year.
In a surprising twist in the Dogecoin (DOGE) market, on-chain data has revealed a significant change in holder behavior. According to a recent analysis of In the blockThe largest Dogecoin whales have been steadily reducing their holdings over the past year.
The data reveals that the percentage of the total Dogecoin supply held by those holding more than 0.1% each has decreased from 45.3% to 41.3%.
This drop indicates that some of the largest Dogecoin holders are lightening their positions, potentially altering market dynamics.
On the contrary, the same period has seen a notable increase in the share of Dogecoin in the hands of retail and mid-market investors. As whale holdings decline, these small investors now control a larger portion of the total supply.
On-chain data revealing declining Dogecoin whale holdings and subsequent increase in participation from retail and mid-market investors highlights a significant shift in the market.
Tomiwabold OlajideAs Dogecoin ownership dynamics evolve, market participants will be watching closely to see how these changes impact price movements and overall market activity.
DOGE price action
At the time of writing, Dogecoin price was recording a rally, up 3.14% in the last 24 hours to $0.123 after hitting lows of $0.113 yesterday in a two-day decline.
According to Santiment, crowd sentiment towards Dogecoin has plummeted sharply following its price drop, creating an opportunity for patient traders.
At its current trading level, DOGE is currently positioned above a significant on-chain support level. According to data from IntoTheBlock, 41.78 billion DOGE were purchased at an average price of $0.103, showing an area of high demand that could be critical if the market continues to weaken.
On the upside, DOGE may encounter resistance near $0.137, where 10.9 billion DOGE is now held at a loss.
