Whales Reduce Holdings
Over the past year, Dogecoin whales (holders with at least 1% of the supply) have been unloading their coins. A year ago, they held 45.3% of the supply, but today it’s down to 41.3%. This means they’ve sold around 9% of their holdings.
Redistribution to Smaller Holders
As whales sell, smaller investors (holding between 0.1% and 1%) and retail investors (holding less than 0.1%) have been increasing their share. Currently, investors hold about 21% of the supply and retail holds 37%.
Bearish Signal for Price
The reduced whale holdings suggest that big investors are losing interest in Dogecoin, which could be a negative sign for its price. However, the redistribution to smaller holders could improve the health of the ecosystem by making it less centralized.
Dogecoin’s Dominance in Memecoin Market
Despite the price drop, Dogecoin remains the top memecoin in terms of traders and transactions. Degen (DEGEN) is the second-most popular memecoin, despite having a much smaller market cap than Dogecoin.
Dogecoin Price Update
In the past week, Dogecoin’s price has fallen over 11%, currently sitting at $0.122.
