On-chain data shows the Dogecoin whales have gone on a buying spree while the memecoin’s price has declined in the last 24 hours.

Dogecoin Whales Have Increased Their Holdings During The Past Day

As pointed out by analyst Ali Martinez in a post on X, the Dogecoin whales have participated in net accumulation in the last 24 hours. The on-chain metric of relevance here is the “Supply Distribution” from the analytics firm Santiment which tells us about the amount of DOGE that a given wallet group is currently holding.

Addresses are divided into these wallet cohorts based on the number of coins they are carrying. In the context of the current discussion, the 1 million to 10 million coins group is of interest.

This group naturally includes only the holders that own at least one million and at most ten million tokens of the memecoin in their balance. At the current asset price, the lower end of this range converts to around $118,000, while the upper one is equivalent to $1.18 million.

Only the large holders of the DOGE network would qualify for this group. More specifically, the smaller end of the whale cohort would fall inside this range.

As displayed in the above graph, the Dogecoin Supply Distribution for this cohort has increased over the last few days. This would suggest that the whales have been participating in net accumulation.

During the last 24 hours alone, these investors have added more than 60 million DOGE to their wallets, worth around $7.1 million. While this amount isn’t high, the fact that the group hasn’t sold during the latest pullback in the price could be an optimistic sign for the memecoin.

The timing of the buys would certainly suggest that the whales are looking at Dogecoin with a keen eye, jumping on any dip opportunities that appear, as they may end up being profitable.

The indicator may be to monitor in the coming days, though, as things can sometimes quickly change, and any selloffs from these humongous investors could lead to a bearish outcome.

DOGE Price

Dogecoin had broken beyond the $0.127 level during its recent surge, but the coin has seen a retrace in the past 24 hours, taking its price down to $0.119.

The below chart shows what the recent performance of the memecoin has looked like.