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The Dogecoin (DOGE) market has seen some surprising developments, with on-chain data revealing a significant change in holder behavior: according to a recent analysis by IntoTheBlock, the largest Dogecoin holders have been steadily reducing their holdings over the past year.
The data revealed that the percentage of Dogecoin’s total supply held by those holding 0.1% or more decreased from 45.3% to 41.3%.
The drop indicates that some of Dogecoin’s largest holders are reducing their positions, which could signal a shift in market dynamics.
Conversely, the share of Dogecoin held by retail and mid-sized investors has increased significantly over the same period, with these smaller investors accounting for a larger percentage of the total supply as larger investors’ holdings have declined.
On-chain data reveals a decline in Dogecoin whale holdings and a subsequent increase in retail and mid-tier investor participation, highlighting a major shift in the market.
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As Dogecoin ownership dynamics shift, market participants will be closely watching how these changes impact price fluctuations and overall market activity.
DOGE Price Fluctuations
At the time of writing, Dogecoin price has rebounded, rising 3.14% over the past 24 hours to $0.123 after hitting a low of $0.113 yesterday following a two-day decline.
According to Santiment, crowd sentiment towards Dogecoin has plummeted dramatically as its price has fallen, presenting an opportunity for patient traders.
At current trading levels, DOGE is above a key on-chain support level. According to data from IntoTheBlock, 41.78 billion DOGE have been acquired at an average price of $0.103, indicating a high-demand zone that could prove crucial if the market continues to weaken.
On the upside, DOGE may encounter resistance near the $0.137 level, where it is currently sitting on losses of 10.9 billion DOGE.
