There has been a significant shift in the distribution of Dogecoin holdings over the past year.
In fact, a cohort of DOGE whales have slowly reduced their holdings, which, in turn, may have been captured by retail and mid-sized holders of the meme coins.
DOGE Whales’ Distribution
According to the latest analysis by IntoTheBlock, the largest Dogecoin whales – holders owning more than 0.1% of the total supply – have been steadily reducing their positions.
Interestingly, their collective share has decreased from 45.3% to 41.3%. This reduction indicates a redistribution of the OG meme coin, with retail and mid-sized investors now holding a significantly higher portion of the supply.
This aligns with an increase in the supply held by entities with balances between 100 million and 1 billion DOGE. This further validated the trend that Dogecoin sold or redistributed by the largest whales is being accumulated by mid-sized holders.
“Over the past year, the largest Dogecoin whales have been reducing their holdings. The percentage of the supply held by those owning more than 0.1% each has dropped from 45.3% to 41.3%. In contrast, retail and mid-sized investors now hold a larger share of the total supply.”
Dogecoin ETF Soon?
Dogecoin has witnessed a significant drawdown in its price recently. Over the past week or so, the meme coin has declined by approximately 20%, dragging its value to $0.124.
While the whale redistribution trend could suggest more upcoming losses, what can boost Dogecoin’s trajectory going forward is the potential launch of spot Dogecoin ETFs. Many experts believe that to be a possibility, especially after the SEC’s approval of spot Ethereum ETFs.
BitMEX co-founder Arthur Hayes, for one, said that Dogecoin could secure an ETF by the end of this cycle. In a recent interview with Real Vision co-founder Raoul Pal, Hayes highlighted the growth Dogecoin experienced over the years and its status as the oldest meme coin in space which provides it a competitive advantage over other meme coins that have sprung up in recent years.
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