Data on the chain shows that Dogecoin’s shark and whale wallet numbers have been increasing recently.
Dogecoin Sharks & Whales is expanding despite price drops
Dogecoin has recently seen a rise in several key metrics, according to data from on-chain analytics firm Santiment. The first metric of relevance here is the “supply distribution” of Doge wallets carrying over 1 million tokens.
The supply distribution indicates, among other things, the number of addresses belonging to a particular coin range. For example, an indicator for a group of 1-10 coins measures the amount of holders with a balance of at least one, up to 10 leaves.
The Doge cohort of over 1 million, which ranges from focus here, includes two major investors groups: sharks and whales. At current exchange rates, the range cutoff is converted to approximately $166,600. This is clearly a significant amount, so entities belonging to sharks and whales are considered important in the network.
Well, here’s a chart showing trends in the Dogecoin supply distribution in the 1 million+ coin range over the past few months.
As shown in the graph above, the shark and whale dogcoin supply distribution observed a charge when the bearish action of Memecoin’s price first began in January.
However, since its inception in February, the indicator has reversed that direction and followed an upward trajectory. Interestingly, this wallet increase occurred despite the fact that the assets declined over the period.
This trend means that large-money investors sold when the drawdown first began, but then turned their attention to accumulating dips instead.
In total, shark and whale wallets have grown by 62 (about 1.24%) since the beginning of February, not far from the peak witnessed in January.
The increase in the big wallet is not the only positive sign Dogecoin has seen. Another indicator attached to the chart also had bullish development. The metric in question is the active address. This tracks the total number of DOGE addresses participating in some sort of transaction activity on the blockchain every day.
The graph shows that Dogecoin Active addresses have jumped to a high of four months, suggesting that a large number of users are forwarding over the network.
The increase in shark and whale wallets has been happening for some time, but the active address signal is a recent one. The current low prices may have finally attracted the attention of the public.
Doge Price
At the time of writing, Dogecoin has traded around $0.166, up about 4% over the past seven days.
