Major Dogecoin ($DOGE) Whales Divest as Market Sentiment for Memecoins Drop

by

As a long-term Dogecoin ($DOGE) investor, I’ve seen my fair share of market fluctuations and trends. The recent news that large whales have been selling off their DOGE holdings, causing their percentage of the total supply to drop from 45.3% to 31.3%, is concerning but not entirely surprising.

Significant investors in Dogecoin ($DOGE), often referred to as “whales,” have been selling off a substantial portion of their holdings in this popular meme-based cryptocurrency. Consequently, the percentage of Dogecoin held by these major investors has decreased from approximately 45.3% to around 31.3% over the past year.

Based on information provided by IntoTheBlock, during the last twelve months, individuals owning over 0.1% of Dogecoin’s total amount have been offloading their coins. In contrast, retail and intermediate investors currently control a greater proportion of the cryptocurrency’s circulating supply.

Over the past year, the top Dogecoin investors, possessing a significant amount of coins, have been gradually decreasing their ownership. The proportion of the entire supply in the hands of those holding over 0.1% has fallen from 45.3% to 41.3%. Conversely, retail and mid-level investors now control a larger portion of the total Dogecoin supply.

— IntoTheBlock (@intotheblock) June 18, 2024

As a researcher studying whale activities in the crypto market, I’ve noticed an intriguing trend: recently, large-scale investors have been offloading their DOGE, Shiba Inu, and XRP tokens. This comes at a time when public sentiment towards these meme-inspired cryptocurrencies has been on a downturn based on data from the analytics firm Santiment.

As a long-term crypto investor, I’ve been keeping a close eye on large cap altcoins that have seen a significant drop in price. According to the firm’s analysis, these coins might be presenting an attractive buying opportunity for patient investors like myself. The fear of missing out (FOMO) that often drives impulsive purchases may reach its peak at the projected 2024 low, making now an opportune time to consider entering or increasing positions in these altcoins.

Over the past month, DOGE‘s value has decreased by over 16%, now sitting at $0.124. In contrast to this, Dogecoin had gained nearly 40% year-to-date, however, it failed to keep pace with Bitcoin, which experienced a 54% growth during the same timeframe.

As a researcher examining the meme-inspired cryptocurrency DOGE, I’ve come across some optimistic perspectives from certain analysts. One trader in particular is confident about DOGE, asserting that it has been following a “Ladle Pattern” during each cycle. He supported his claim by presenting a chart illustrating this pattern and suggesting that DOGE could potentially reach prices above $2.2 based on this trend.

Dogecoin, historically, has experienced substantial price surges within a brief timeframe. In the year 2021, there was an immense spike in search queries for Dogecoin during its extraordinary 10,000% increase in value. The monthly searches for this cryptocurrency went from approximately 135,000 in April 2020 to a staggering 16.5 million in April 2021.

Back in 2013, Dogecoin was established as a lighthearted take on cryptocurrencies. Its enthusiastic following is recognized for engaging in philanthropic endeavors, such as contributing over $25,000 worth of DOGE to support charitable causes. The currency gained widespread attention in 2014 when it managed to collect these funds to enable the Jamaican bobsleigh team to participate in the Winter Olympics held in Sochi.

Read More

2024-06-20 01:43