Dogecoin (Doug) The network has seen a sharp rise in on-chain whale activity, with wallets containing at least 100 million units.
The leading dog-themed memecoin witnessed whale activity rise to the highest level in 6 months, according to “The Verge” website. Analytics from saint Analyzed by Finbold on May 1st. Earlier this week, the Dogecoin network recorded 739 DOGE transfers totaling at least $100,000 in a single day, the highest level in six months.
Additionally, Dogecoin wallets containing at least 100 million DOGE increased their holdings to an all-time high of 108.52 billion units, worth approximately $11.8 billion at press time. Notably, 149 Dogecoin wallets with balances exceeding 100 million DOGE control 70.45% of the total circulating supply of memecoin as of press time.
Demand for Dogecoin by these groups has gradually increased in the past three months. Likewise, US DOGE exchange-traded funds (ETFs) have recorded steady growth in the past three months and currently hold assets worth approximately $12.84 million, based on… Data from SoSoValue.
As such, it is safe to conclude that institutional investors are renewing their demand for this meme.
The price of Dogecoin has rebounded with renewed demand for whales
Amid renewed demand for DOGE from whales, the meme price closed April with bullish expectations. The altcoin is up 16.48% over the past 30 days, trading at around $0.1087 on Friday. As such, the market value of memecoin has risen to approximately $16.9 billion.
If Dogecoin whales continue to accumulate in the near term, Memecoin could form a strong base for its multi-month bear market. However, if these large investors start distributing their holdings, DOGE’s price may continue to bleed.
