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Dogecoin has surged more than 150% over the past week, as on-chain data showed sharks and whales returning to the network.
Dogecoin sharks and whales have seen their numbers increase recently
According to data from the on-chain analytics company saintsharks and whales have shown a reversal in their numbers recently. The relevant indicator here is the “supply distribution”, which tells us, among other things, how many addresses belong to a given Dogecoin wallet pool.
Addresses are divided into these groups based on the number of tokens they hold in their current balance. For example, the coin set 1 to 10 includes all wallets that contain between 1 and 10 DOGE. The supply distribution for this specific group will tell us the total number of network addresses that meet this condition.
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In the context of the current discussion, two address ranges are important: 0 to 100,000 coins and more than 100,000 coins. The former includes small investor groups in the sector, such as retail, while the latter includes large entities such as sharks and whales.
In general, the influence of any address on the network increases the more it holds, so sharks and whales, with their large holdings, can be considered major memecoin pools. Naturally, whales are the more important of the two, as they have larger pouches.
Now, here is the chart shared by the analytics company that shows the recent trend in Dogecoin supply distribution over the past few months:
As shown in the chart above, Dogecoin’s supply distribution of the coin pool has been rising from 0 to 100,000 for a while now, indicating more investors of this size are emerging on the blockchain.
More specifically, 74,885 new addresses have appeared within this domain over the past four weeks. During this same window, the 100,000-plus token pool saw a downward trend in the index, indicating that some large-money investors were liquidating their holdings.
However, while 350 Dogecoin sharks and whales have left the network over the past month, things appear to be looking up on smaller time frames.
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About 108 wallets of this size have appeared on the network in the past two days, which explains the source of the fuel for the memecoin’s impressive rise.
Nowadays, both individuals and large holders are seeing a rise in the network, but it remains to be seen if this momentum will continue. Of course, the upside in the distribution of shark and whale shark supplies is of greater importance, given their market position.
Doji price
At the time of writing, Dogecoin is trading at around $0.383, up over 21% in the last 24 hours.
Featured image from Dall-E, Santiment.net, chart from TradingView.com