Biggest Dogecoin (DOGE) Whales Cut Positions as Retail Investors Gain Ground

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 snapped up by retailers and mid-sized holders of the meme coins.

Distribution of DOGE whales

According to IntoTheBlock’s latest analysis, the largest Dogecoin whales, who own more than 0.1% of the total supply, have been steadily reducing their positions.

Interestingly, their collective share has dropped from 45.3% to 41.3%. This reduction indicates a redistribution of the OG meme coin, with retail and media investors now holding a significantly higher portion of the supply.

This is in line with an increase in the supply of entities with balances between 100 million and 1 billion DOGE. This further validated the trend of mid-sized holders hoarding Dogecoin or redistributing larger whales.

“Over the past year, the largest Dogecoin whales have been reducing their holdings. The percentage of the supply held by owners of more than 0.1% each has dropped from 45.3% to 41.3%. Instead, retail and medium investors now have a larger share of the total supply.”

Dogecoin ETF Soon?

Dogecoin has witnessed a significant drop in its price recently. Over the past week or so, the meme coin has declined by roughly 20%, dragging its value down to $0.124.

While the whales’ redistribution trend could suggest further losses to come, what may drive Dogecoin’s trajectory going forward is the potential launch of Dogecoin spot ETFs. Many experts believe this is a possibility, especially after the SEC’s approval of spot Ethereum ETFs.

BitMEX co-founder Arthur Hayes said Dogecoin could secure an ETF at the end of this cycle. In a recent interview with Real Vision co-founder Raoul Pal, Hayes highlighted the growth Dogecoin has seen over the years and its status as the oldest meme currency in the space, giving it a competitive edge over others meme coins that have emerged in recent years.

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