The data in the chain shows that the Dogecoin shark and whale wallets have recently increased, a signal that could be optimistic for Doge’s price.
Dogecoin Sharks & Whales have expanded despite the price decrease
According to the data of the analysis company in the chain SingularDogecoin has recently seen an increase in a couple of important indicators. The first relevance metric here is the “supply distribution” of dux wallets that have more than 1 million tokens.
Supply distribution tells us, among other things, the number of addresses that belong to a particular range of currencies. The group indicator of 1 to 10 currencies, for example, measures the number of headlines that have at least 1 and a maximum of 10 elves in their balance.
The cohort of more than 1 million dux, which is the approach range here, includes two groups of key investors: sharks and whales. At the current exchange rate, the limit for the range becomes around $ 166,600. This is clearly a fairly significant amount, so the entities that belong to sharks and whales are considered important in the network.
Now, here is the picture that shows the trend in Dogecoin supply distribution for the range of more than 1 million coins in recent months:
As shown in the previous graph, the Dogecoin supply distribution of sharks and whales observed a fall when the memecoin price action began in January.
Since the beginning of February, however, the indicator has reversed its direction and has been following an ascending trajectory. Interestingly, this increase in the wallet has come despite the fact that the decrease in asset has only promoted during the period.
The trend would imply that, although great money investors were panicked when the reduction began, since then they have changed their attention to accumulate the fall.
In total, shark and whale wallets have increased by 62 (around 1.24%) since the beginning of February and are not far from the peak witnessed in January.
The increase in large wallets is not the only positive sign that Dogecoin has seen; There has also been an upward development in another indicator united in the graph. The metric in question is the active addresses, which monitor the total number of Dux addresses that participate in some type of transaction activity in the block chain every day.
From the graph, it is visible that the active Dogecoin addresses have jumped to a maximum of 4 months recently, suggesting that a large number of users have been making network transfers.
While the increase in shark and whales wallets has been happening for a while, the signal in active addresses is more recent. It seems that current low prices may have finally captured the attention of the masses, which are now active to make their movements.
PIVERED PRICE
At the time of writing this article, Dogecoin quote around $ 0.166, about 4% in the last seven days.
