Dogecoin has rocketed up with a rally of over 150% during the past week as on-chain data shows the return of sharks and whales on the network.
Dogecoin Sharks & Whales Have Seen Their Count Grow Recently
According to data from the on-chain analytics firm Santiment, the sharks and whales have shown a reversal in their count recently. The indicator of relevance here is the “Supply Distribution,” which tells us, among other things, how many addresses belong to a particular Dogecoin wallet group.
Addresses are divided into these cohorts based on the number of tokens they carry in their current balance. For instance, the 1 to 10 coins group includes all wallets holding between 1 and 10 DOGE. The Supply Distribution for this specific cohort would tell us about the total number of network addresses that satisfy this condition.
In the context of the current discussion, two address ranges are of interest: 0 to 100,000 coins and 100,000+ coins. The former comprises the small
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