Dogecoin Explodes 150% As Shark & Whale Buying Returns 🐕
Dogecoin has experienced a significant surge of over 150% in the past week, driven by renewed activity from sharks and whales as shown by on-chain data. These key player groups are tracked through the Supply Distribution indicator, which reveals the number of addresses within certain token holding ranges.
Specifically, an increase in addresses holding between 0 and 100,000 coins has been observed, indicating rising retail interest. Furthermore, despite a recent decline in the 100,000+ coins cohort, a short-term rebound suggests momentum from larger investors may be returning.
Over the last month, 350 large holders exited, but in the past few days, 108 significant new wallets have joined, fueling the memecoin's rapid growth. This uptrend in both retail and large holder activity, particularly among whales, underscores the potential impact on Dogecoin's market performance.
Currently, Dogecoin is trading at $0.383, marking a 21% increase in the last 24 hours. The dynamics of these cohorts will be crucial in determining whether this price momentum can be sustained.
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