Most recently, it should be noted that a group of DOGE whales are slowly reducing their holdings which may now have changed hands by retail and medium-sized traders of meme tokens.
According to the latest analysis by IntoTheBlock, the largest Dogecoin whales i.e. holders who own more than 0.1% of the total supply have gradually reduced their positions.
Interestingly, some of their holding positions have decreased from 45.3% to 41.3%. This reduction indicates a redistribution of OG meme tokens, with retail and mid-sized investors now holding a larger share of the supply.
This is in line with the increase in supply held by entities with balances between 100 million and 1 billion DOGE. This further confirms the trend that Dogecoins sold or redistributed by the largest whales are being collected by medium-sized holders.
“Over the past year, the largest Dogecoin whales have reduced their holdings. The percentage of supply held by those who own more than 0.1% each has decreased from 45.3% to 41.3%. In contrast, retail and mid-sized investors now hold a larger share of the total supply.”
On the other hand, Dogecoin has seen a significant drop in its price recently. Over the past week, the price of this meme token has declined by about 20%, dropping its value to $0.124.
While the whale redistribution trend may indicate more losses to come, what could boost Dogecoin's value is the potential launch of a spot Dogecoin ETF. Many experts believe that this is a possibility to consider, especially after the SEC's approval of the spot Ethereum ETF.
BitMEX co-founder Arthur Hayes, for example, said that Dogecoin might acquire an ETF by the end of this cycle. In a recent interview with Real Vision co-founder Raoul Pal, Hayes highlighted the growth Dogecoin has experienced over the years and its status as the oldest meme token in factors that give it a competitive advantage over other meme tokens that have emerged in recent years.