With a 5% drop in the price of DOGE, the DOGEWhale filled its bags

On-chain data shows that DOGEWhale has started buying aggressively, while the price of memecoin has dropped in the past 24 hours. As analyst Ali Martinez pointed out in an article on X, DOGEWhale has participated in net accumulation in the past 24 hours. The relevant on-chain indicator here is the analysis company's "supply distribution", which tells us the amount of DOGE currently held by specific wallet groups.

Based on the quantity of Tokens held by the Address, divide the Address into different wallet groups. In the context of the current discussion, the group with 1 million to 10 million Tokens is worth following.

This group naturally includes holders of at least one million, up to ten million memecoin tokens. Based on current asset prices, the lower limit of this range is approximately $118,000, and the upper limit is equivalent to $1.18 million. Only large holders of DOGE network are eligible to join this group. More specifically, the smaller part of the Whale group will belong to this range.

Figure 1 is a chart shared by analysts, showing the distribution trend of DOGEWhale supply in the past few weeks. In the past few days, the supply distribution of these DOGEWhales has increased, indicating that the Whales have been involved in net accumulation.

Just in the past 24 hours, these investors have added 60 million DOGE to their wallets, worth about $7.1 million. Although the amount is not high, the fact is that this group did not sell during the recent price pullback, which may be a bullish signal for memecoins.

The timing of the purchase definitely indicates that the whales are keenly following DOGE, seizing any opportunity to buy on dips, as they may eventually profit.

However, this indicator may need to be monitored in the coming days, as the situation can change rapidly at times, and any selling by these large investors could lead to bearish outcomes.

Dogecoin has recently broken through the $0.127 level in a surge, but the Token has seen a pullback in the past 24 hours, with its price falling to $0.119.

(Data source: Keshav Verma)