On-chain data indicates significant buying by Dogecoin whales in the past 24 hours, suggesting a potentially bullish outcome for DOGE's price. Analyst Ali Martinez highlights that whales are engaged in net buying, adding to their holdings.
The 'Supply Distribution' metric from Santiment reflects the current holdings of Dogecoin whale groups, defined between 100 million and 1 billion coins. This group corresponds to large investors impacting the market with their considerable holdings.
The recent increase in whale holdings came after the cryptocurrency's rally towards the end of the month, taking DOGE's price beyond $0.13, its highest since July. Despite subsequent bearish market trends, whales continue to accumulate DOGE at lower prices, signaling their belief in potential profitability.
Over the past day, whales accumulated over 1 billion DOGE, worth $109 million, hinting at possible future rally outcomes similar to previous buy sprees. As Dogecoin's price has already increased by nearly 5% to $0.109, the whale's influence may be taking effect.
