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Dogecoin (DOGE) Market Mystery: On-chain Data Reveals Intriguing Holder Trend

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Wed, 19/06/2024 - 13:51
Dogecoin (DOGE) Market Mystery: On-chain Data Reveals Intriguing Holder Trend
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In a surprising twist on the Dogecoin (DOGE) market, on-chain data has unveiled a significant shift in holder behavior. According to a recent analysis by IntoTheBlock, the largest Dogecoin whales have been steadily reducing their holdings over the past year.

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The data reveals that the percentage of the total Dogecoin supply held by those owning more than 0.1% each has decreased from 45.3% to 41.3%.

This decline indicates that some of the largest holders of Dogecoin are lightening their positions, potentially altering the dynamics of the market.

Conversely, the same period has seen a notable increase in the share of Dogecoin held by retail and mid-sized investors. As whale holdings diminish, these smaller investors now command a larger portion of the total supply.

The on-chain data revealing the decrease in Dogecoin whale holdings and the subsequent increase in retail and mid-sized investor participation highlights a significant shift in the market.

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As the dynamics of Dogecoin ownership evolve, market participants will be closely watching to see how these changes impact price movements and overall market activity.

DOGE price action

At the time of writing, Dogecoin price was posting a rebound, up 3.14% in the last 24 hours to $0.123 after reaching lows of $0.113 yesterday in a two-day drop.

According to Santiment, crowd sentiment for Dogecoin has plummeted dramatically following its price decline, creating an opportunity for patient traders.

At its current trading level, DOGE is currently positioned above a significant on-chain support level. According to IntoTheBlock data, 41.78 billion DOGE were acquired at an average price of $0.103, showing a high demand zone that might be critical if the market continues to weaken.

On the upside, DOGE may encounter resistance near $0.137, where 10.9 billion DOGE are now held at a loss.

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