Dogecoin Whales Have Notably Reduced Their Supply In The Last Year

On-chain data shows the Dogecoin whales have been shaving off their holdings over the past year, a sign that could be bearish for the memecoin.

Dogecoin's price has been on a downward trend for the past year, and on-chain data now shows that whales have been slowly reducing their holdings. This could be a bearish sign for the memecoin, as whales are typically known to accumulate an asset when they expect its price to rise.

However, the smaller investors, categorized as retail and mid-sized investors by IntoTheBlock, have now increased their holdings. This could be a sign of optimism among retail investors despite Dogecoin's poor performance.

On the other hand, the redistribution of DOGE holdings from whales to smaller investors could be seen as a positive development for the memecoin ecosystem, as it would indicate a less centralized distribution of the asset. This could be especially relevant considering the community-driven nature of Dogecoin.

It's also worth noting that the metrics used in this analysis, such as the percentage of supply held by whales and the granularity of the investor categories, can vary depending on the specific methodology and data sources used by different on-chain analytics platforms.

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-whales-notably-reduced-supply.html

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