Dogecoin Shark & Whale Population Rises—Price Turnaround Incoming?
Data on the chain shows that Dogecoin shark and whale wallets have been increasing lately, a sign that may be the price of Doge.
Dogecoin sharks and whales are expanding despite price drop
According to data from chain analysis company Single personDogecoin has seen some important indicators increase recently. The first indicator of correlation isSupply distributionIn the Governor’s wallet with more than one million tokens.
The supply distribution tells us, among other things, the number of addresses that fall within a specific coin range. For example, the metric of 1 to 10 coin groups measures the number of holders with at least 1 and 10 balances.
With over 1 million threshold queues, this is the focus range here, including two key investor groups: Sharks and whales. At the current exchange rate, the critical value of this range is converted to $166,600. Obviously, this is a large number, which is why entities belonging to sharks and whales are considered important on the Internet.
Now, the following chart shows the trend of Dogecoin supply distribution over the past few months:
As shown in the above chart, the dog protein supply distribution of sharks and whales observed bearish effects on Memecoin prices when it first started in January.
However, the indicator has reversed its direction since early February and has followed an upward trajectory. Interestingly, this increase in wallets is still happening despite the decline in assets only further development during this period.
This trend means that although large investors sold panic first at the beginning, they have since turned their attention to accumulating dipping sauce.
Shark and whale wallets have increased by 62 in total (about 1.24%) since early February, and are now not far from the peaks in January.
The increase in large wallets is not the only positive sign Dogecoin has seen. Another indicator included in the chart also has bullish development. The metric in question is Activity addressThis can track the total number of summaries of addresses participating in some kind of transaction activity on the blockchain every day.
As can be seen from the figure, Dogecoin activity addresses have recently jumped to a 4-month high, indicating that a large number of users have been transferring on the network.
While the increase in shark and whale wallets has been happening for some time, the signals in the active address are the most recent signals. It seems that the current low prices may eventually attract the attention of the masses, who are now actively taking action.
Door price
At the time of writing, Dogecoin’s trade was around $0.166, up about 4% over the past seven days.
