Dogecoin Whales Reduce Their Holdings Over The Past Year

Data from the market intelligence platform IntoTheBlock reveals that major Dogecoin investors, known as “whales,” have steadily decreased their holdings over the past year. This trend could signal bearish sentiment for the popular memecoin.

Whales are defined as Dogecoin addresses holding at least 1% of the total circulating Dogecoin supply. Due to the massive amount of tokens they control, whales are considered the most influential players in the Dogecoin network. Their collective behavior can provide insights into the overall market sentiment.

According to IntoTheBlock’s data, whales owned approximately 45.3% of the DOGE supply a year ago. However, today, their share has dropped to around 41.3%. Whales have sold off roughly 9% of their net DOGE holdings over the past year.

Source: IntoTheBlock on X

As whales reduced their holdings, retail and mid-sized investors increased their share of the total supply. IntoTheBlock defines “investors” as holding between 0.1% and 1% of the supply, while “retail” refers to entities holding less than 0.1%. Investors control around 21% of the Dogecoin supply, and retail holders control 37%.

Whales’ Reduced Interest In Dogecoin: Bearish Signal

The whales’ reduced interest in Dogecoin could be a bearish signal for the memecoin’s price. However, the redistribution of supply to smaller holders could be positive for the health of the Dogecoin ecosystem, as it means the asset is less centralized among a few large entities.

In other news, IntoTheBlock shared an update on the activity on the DOGE blockchain compared to other meme-based cryptocurrencies. The data shows that Dogecoin has the highest number of traders and transactions among memecoin projects, surpassing popular assets like Shiba Inu (SHIB) and PEPE (PEPE).

Notably, the number two memecoin in terms of activity is Degen (DEGEN), a remarkable achievement considering its market cap is only 0.79% of Dogecoins.

The meme-inspired cryptocurrency DOGE has experienced a substantial decline, shedding over 11% of its value in a week, causing its price to tumble to $0.122.

Source: CoinMarketCap

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