Dogecoin Whale and Shark Wallets Surge, Indicating Bullish Trend
On-chain metrics indicate that more large investors are putting their cash into Dogecoin triggering attention in the cryptocurrency market. Major investors entering the market often predicts future price growth for Dogecoin.
The data company Santiment has found that two important statistics now show better results. The first metric, the Supply Distribution, monitors the number of wallets holding more than 1 million DOGE.
The group of sharks and whales has substantial impact on the network because they hold more funds than others. Major DOGE investments reach $166,600 value based on present exchange rates which proves why these investors matter much.
Major DOGE Holders Return After January Decline
The number of superior DOGE wallets declined rapidly during January following the start of bear trends in the memecoin price. Since February started more major investors added themselves to Dogecoin over a steady period.
Large Dogecoin holders keep amassing new coins even though their price declines throughout the given period. Researchers believe that big investors are ready to buy after selling frenzy subsided because they see the cheaper prices as investment opportunities.
During early February these large-scale DOGE investors bolstered their total number by 62 wallets or 1.24%. The number of wallet holders holding over 1 million DOGE is again near its January peak which indicates a possible market gain.
Another important bullish indicator involves active people using their Dogecoin addresses in transactions. The measurement captures all individual DOGE addresses performing daily network activities.
Dogecoin Hits Four-Month High in Active Wallets
Data shows Dogecoin has seen a four-month record number of active wallet users according to Santiment. Whale and shark wallets show that retail investors who abandoned the market are coming back and making the Dogecoin network busier.
The growth of whale and shark wallets with DOGE has continued but the active addresses metric showed significant expansion over the last few months. The low Dogecoin market value has lured more users to its network leading to transaction growth.
During my analysis Dogecoin shows $0.166 value with a 4% boost in trading price compared to the previous week. Major investors buying more DOGE while trading increases make many market participants predict a substantial price rise.
The latest on-chain data demonstrates that Dogecoin holders are becoming more active which makes some members of the community believe that this will impact token prices positively over time. Market participants will carefully examine these figures in the near future to predict market direction.
