As an analyst with a background in cryptocurrency research, I find the recent redistribution trend of Dogecoin holdings quite intriguing. The data suggests that larger Dogecoin whales have been gradually reducing their positions, while retail and mid-sized investors are now holding a larger share of the total supply. This shift could indicate a potential weakening position for the meme coin in the short term.
There has been a significant shift in the distribution of Dogecoin holdings over the past year.
It’s true that a group of major investors in Dogecoin (referred to as “whales”) have gradually sold off some of their holdings. Consequently, these shares might have been acquired by individual and medium-scale investors (referred to as “retail” and “mid-sized holders”).
DOGE Whales’ Distribution
Based on recent findings from IntoTheBlock’s investigation, the biggest Dogecoin owners, who possess over 0.1% of the entire coin supply, have progressively decreased their holdings.
It’s intriguing to note that the combined ownership has dropped from 45.3% to 41.3%. This decline suggests a shift in the OG meme coin’s distribution, with retail and mid-level investors now controlling a larger chunk of the coins.
The correlation holds true as the inventory of DOGE by entities possessing balances ranging from 100 million to 1 billion grows. This discovery strengthens the observation that the Dogecoin previously sold or transferred by major whales is now being amassed by more moderate holders.
Over the last 12 months, the top Dogecoin investors holding over 0.1% of the coins have progressively decreased their possession from 45.3% to 41.3% of the overall supply. Conversely, smaller retail and mid-sized investors have expanded their holdings, accounting for a larger proportion of the total Dogecoin in circulation.
Dogecoin ETF Soon?
In the past week, Dogecoin has experienced a notable drop in value. The meme currency has fallen around 20%, resulting in a current price of about $0.124.
As a crypto investor, I’ve noticed the increasing trend of whale transactions, which might indicate further losses for Dogecoin. However, there’s a potential positive development on the horizon: the possible launch of spot Dogecoin Exchange-Traded Funds (ETFs). Many experts, including myself, believe this could be a realistic prospect following the SEC’s approval of Ethereum ETFs. The introduction of Dogecoin ETFs could significantly boost its trajectory by increasing institutional investment and overall market liquidity.
Arthur Hayes, the co-founder of BitMEX, believes that Dogecoin could secure a Exchange-Traded Fund (ETF) approval before the current market cycle concludes. In a conversation with Raoul Pal, the co-founder of Real Vision, Hayes emphasized Dogecoin’s historical growth and its position as the first meme coin in existence, which sets it apart from other meme coins that have emerged more recently.
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2024-06-19 15:38