Top Dogecoin (DOGE) Whales Reduce Holdings as Retail Investors Rise

Dogecoin’s (DOGE) largest whales have cut their share from 45.3% to 41.3% over the past year.

Over the past year, there has been a notable shift in Dogecoin distribution. A group of DOGE whales has gradually reduced their holdings, likely transferring them to retail and mid-sized holders of the meme coin.

Distribution of DOGE Whales
According to the latest analysis by IntoTheBlock, the largest Dogecoin whales – those holding more than 0.1% of the total supply – have been steadily reducing their positions.

Their collective share has decreased from 45.3% to 41.3%, indicating a redistribution of the OG meme coin. Retail and mid-sized investors now hold a significantly higher portion of the supply.

This shift is supported by an increase in the supply held by entities with balances between 100 million and 1 billion DOGE, validating the trend that Dogecoin sold or redistributed by the largest whales is being accumulated by mid-sized holders.

Dogecoin ETF on the Horizon?
Dogecoin has recently seen a significant drop in its price, declining by about 20% over the past week to reach $0.124.The potential launch of spot Dogecoin ETFs could potentially turn its trajectory around, despite concerns about further losses due to whale redistribution trends.

Some experts see this as a realistic possibility, especially following the SEC’s approval of spot Ethereum ETFs.

Arthur Hayes, co-founder of BitMEX, suggested in a recent interview with Raoul Pal from Real Vision that Dogecoin might secure an ETF by the end of this market cycle.

Hayes emphasized Dogecoin’s longevity and its position as the original meme coin, which gives it a competitive edge over newer meme coins that have emerged in recent years.

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