Dogecoin Whales Have Just Added 140 Million DOGE To Their Wallets

On-chain data shows the Dogecoin whales have continued to buy recently despite the pullback that the memecoin's price has suffered.

Dogecoin whales have continued to buy the memecoin despite the recent pullback in its price.

According to a new analysis, smaller of the whales have been accumulating DOGE throughout the past few days, coinciding with the coin’s massive rally.

These investors have added a net 140 million DOGE to their holdings, suggesting that they believe the rally may continue.

Dogecoin whales have continued to buy the memecoin recently despite the pullback that its price has suffered.

As earlier reported, DOGE began a new surge in price last week Monday as it started the day trading around $0.07. The memecoin then rallied by over 200% in the following session to reach a weekly high of $0.24.

However, Dogecoin was unable to sustain its momentum and began correcting its gains on Tuesday. The memecoin dropped by as much as 20% during the correction, but it found support at around the $0.18 level.

DOGE then started consolidating for the next two days before resuming its rally on Thursday. The memecoin rallied once more by 10% to reach a high of $0.21.

But, the memecoin’s price pulled back again on Friday as part of a broader market correction. DOGE dropped by 7% during the session to fall back down to $0.19.

Smaller Of The Whales Continue Accumulating DOGE

Now, a new analysis has shown that smaller of the whales have been accumulating Dogecoin throughout the past few weeks.

The indicator of interest here is the “Supply Distribution” from the on-chain analytics firm Santiment, which keeps track of the total amount of DOGE that a given wallet group is holding right now.

Addresses are divided into these cohorts based on the number of coins that they are carrying in their balance. The 1 to 10 coins group, for instance, contains all investors who own between 1 and 10 DOGE.

In the context of the current topic, the 10 million to 100 million coins group is of focus. At the current exchange rate, the lower end of this range converts to about $3.7 million, while the upper one to $37 million.

These are clearly significant amounts, so the only investors who would qualify for this cohort would be the big-money ones. The group certainly doesn’t include all holders of this kind as the upper limit is ‘just’ $37 million, but it does the contain smaller of the whales, who are still an important part of the DOGE ecosystem.

Now, here is a chart shared by analyst Ali Martinez that shows the trend in the Supply Distribution specifically for this Dogecoin group over the past few weeks.

From the above graph, it’s visible that the Dogecoin supply held by these whales has been riding an uptrend recently, with a particularly sharp increase coming during the past few days, coinciding with DOGE’s massive rally. Considering this timing, it’s likely that these investors have been helping support the run.

Whales Add 140 Million DOGE Despite Pullback

In total, these humongous investors have added a net 140 million DOGE to their holdings, worth almost $52 million at the moment. This accumulation naturally suggests that the whales don’t think that the rally is over just yet.