Dogecoin Price Surge Signal: Whales Buy $108 Million in DOGE

Blockchain data shows that recent Dogecoin investors have been aggressively accumulating, which is a possible signal that could drive the DOGE price up. Dogecoin whale holdings have just increased to about $1.08 billion. As analyst Ali Martinez pointed out in a recent post on X, DOGE whales have recently been involved in buying activities. The relevant on-chain metric is the 'Supply Distribution' from analytics firm Santiment, which tells us the total amount of Dogecoin held by a specific group of wallets. These addresses or investors are categorized into these groups based on the number of tokens they hold. In the context of the current topic, the focus is on the whale group, which includes those holding between 10 million to 1 billion DOGE. Based on the current exchange rate of the meme coin, the upper limit of the range is $3.5 million, and the lower limit is $350 million. Therefore, only qualifying investors can become one of the largest entities on the network. Holding a significant amount of natural assets means having more power in the market, and thus, these whales may play an important role in asset price movements. This makes the supply of these holders worth watching, as any changes in it could reflect in the cryptocurrency. Below is the chart shared by the analyst, showing the trend of speculator distribution of Dogecoin over the past month: Please enter the text to be translated. As the chart shows, Dogecoin whales pushed the supply to its peak in early December, but then they reversed course and gradually sold off. The sudden decrease in distribution turned into a significant drop in metrics for the second half of the month, while the price of the memecoin also declined significantly. In terms of timing, the previous reasons must at least share some responsibility. After the final wave of selling post-Christmas, the last few whales stopped selling, but they also did not start accumulating, as their supply trend remained flat. This has changed in the past few days, as these major entities have increased their holdings. Specifically, these whales have purchased a total of $1.08 billion in tokens during this sudden increase in the index. Again, the trend of whale distribution supply seems to be turning towards the value of Dogecoin, showing signs of a recovery. It is still unknown whether the whales will continue to support this wave of price increase $PEPE