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Dogecoin Whales Bought 1.47 Billion DOGE In Q1 2023: Santiment
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Whales Bought 1.47 Billion DOGE In Q1 2023: Santiment

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Dogecoin

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On-chain data from Santiment shows the Dogecoin whales have added another 1.47 billion DOGE to their holdings in the year 2023 so far.

Dogecoin Whales Been Accumulating In 2023 So Far

According to data from the on-chain analytics firm Santiment, Dogecoin whales have added DOGE worth $123.1 million to their treasuries since 1 January 2023. The relevant indicator here is the “DOGE Supply Distribution,” which tells us about the total percentage of the Dogecoin supply that each wallet group in the market is holding right now.

Addresses are divided into these “wallet groups” based on the total number of coins that they are carrying currently. For instance, the 1-10 coins cohort includes all addresses that are holding a balance of between 1 and 10 DOGE.

If the Supply Distribution is applied to this particular cohort, it would combine the amounts all such wallets are holding at the moment and calculate the percentage of the total supply that this sum is equal to.

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In the context of the current discussion, the groups of interest are those with balances of at least 10 million DOGE. Below is a chart that shows the Dogecoin Supply Distribution for these cohorts over the last year:

Dogecoin Whales

Looks like the value of the metric seems to have observed some rise in recent months | Source: Santiment on Twitter

To be more precise, three groups fall in this range (10 million to 100 million, 100 million to 10 billion, and 10 billion to infinity), so their Supply Distribution data is displayed after merging them into one group.

Since the range’s lower bound is worth almost $800,000, the investors that these addresses would belong to are likely to be the whales. This holder group can hold immense importance in the market due to the sheer size of the holdings of its investors.

Movements from the whales can hold the power to move the market, as can also be seen in the above graph. When these humongous investors were selling during the past year (the red zones in the chart), the price overall moved downwards.

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On the other hand, buying from this cohort (the green zone) has looked to have led to the price climbing higher. In the three months since the start of the year 2023, the whales have once again been busy expanding their holdings.

Overall, these holders have accumulated about 1.47 billion DOGE in this period, and their combined wallet balances now contain almost 82% of the entire circulating supply of the meme coin.

While this new accumulation streak has occurred, Dogecoin’s price has felt some bullish momentum. The year-to-date returns, however, haven’t still been too impressive as the coin is just 12% in the green during the period.

The reason behind it is that the asset has slowed down in recent weeks as the whale supply has also been moving sideways. Nonetheless, as long as the whales don’t sell, the price may at least be able to maintain around the current levels, or even be able to build up some fresh upwards momentum.

DOGE Price

At the time of writing, Dogecoin is trading around $0.0785, up 7% in the last week.

Dogecoin Price Chart

DOGE hasn't moved much in the last few days | Source: DOGEUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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