On-chain data shows the Dogecoin miners have been accumulating recently. Here’s what this could mean for the memecoin, based on past pattern.

Dogecoin Miner Supply Has Been Going Up For A While Now

In a new insight post, the on-chain analytics firm Santiment has talked about the role of the miners in the different cryptocurrency markets like Bitcoin and Dogecoin. The indicator of interest here is the “Supply held by Miners,” which, as its name suggests, keeps track of the total amount of tokens that the miners of a network as a whole are carrying in their balance.

When the value of this indicator goes up, it means the miners are receiving net deposits into their wallets right now. Such a trend implies this cohort may be in a phase of accumulation. On the other hand, the metric registering a decline suggests these chain validators are withdrawing a net number of tokens from their balance, potentially for selling purposes.

First, here is a chart that shows the trend in the Supply held by Miners for Bitcoin over the past year:

As is visible in the above graph, the Supply held by Miners and the Bitcoin price has shown some correlation during the past year. As Santiment has explained in the post:

When miners choose to hold onto their coins rather than selling, it’s often a sign that they expect prices to rise, which can create positive momentum in the market. However, when they start offloading large amounts, it can put downward pressure on prices.

Most recently, the BTC Supply held by Miners has been on the rise again after plunging to relatively low levels earlier. Thus, it would appear that these chain validators may be accumulating once more, which can be bullish for the asset.

The relationship that miners show to the BTC price is similar to many other cryptocurrency networks. However, that is not the case with meme coins like Dogecoin.

According to the analytics firm:

If it’s a very speculative-driven asset, you can often pick up an inverse indication between what miners are doing and where the altcoin is going price-wise compared to Bitcoin.

The inverse relationship is visible in the below chart for the Dogecoin Supply held by Miners.

From the graph, it’s apparent that the Dogecoin Supply held by Miners had plunged back in January, but what followed this selloff from the miners was a sharp surge in the DOGE/BTC ratio.

Over the last couple of months, the chain validators of the asset have seen their supply register a rapid increase. Given the inverse relationship the metric and the price tend to follow, however, this accumulation could be a bearish sign for the asset.

DOGE Price

Dogecoin had made recovery beyond the $0.107 mark earlier, but the memecoin has since gone downhill as it’s back at $0.100.

The post Dogecoin Miners In Accumulation Mode, But Is This Really Bullish? appeared first on CryptoSens.

On-chain data shows the total number of Dogecoin millionaires has observed a steep increase over the past month, a sign of strong accumulation.

Dogecoin Millionaires Have Jumped 76% In Past Month

According to data from the market intelligence platform IntoTheBlock, the number of Dogecoin millionaires has been skyrocketing recently. “DOGE millionaires” here refer to the addresses that are carrying at least $1 million in their balance.

The below chart shows how the total number of such addresses has changed over the past month.

From the graph, it’s visible that the Dogecoin investors carrying between $1 million to $10 million worth of coins have seen their total count rapidly go up since the end of February.

This range would include the sharks as well as the smaller of the whales, so this trend would imply interest in the cryptocurrency has sharply risen among these large entities. Following the latest increase, the total count of addresses holding a balance in this range has crossed the 800 mark.

The largest of the investors in the market, those with more than $10 million in DOGE, have also seen their number grow in the same period, as the chart displays.

The population of these humongous whales has now crossed the 200 mark. This means that in all, there are now more than 1,000 millionaires on the Dogecoin network.

This corresponds to a growth of around 76% in the past 30 days, which is a pretty rapid increase. Since the indicator has caught pace, DOGE has also witnessed an impressive rally, which may not be a coincidence.

Naturally, if the number of these millionaires continues to rise into the near future, it would be a sign that big money interest in the memecoin is still furthering, which would be a positive sign for the rally.

DOGE Price Has Enjoyed A Sharp Rally Recently

Towards the end of last month, Dogecoin finally managed to break free of its long spell of consolidation and did so in quite the spectacular fashion as well. As the chart below shows, DOGE has observed a rapid rise in the past couple of weeks.

During this rally so far, Dogecoin has managed to reach a high beyond the $0.20 level. Since this peak, however, the coin has seen some notable drawdown, as it’s now trading around $0.15.

From the chart, it’s visible that the initial sharp crash in the memecoin had occurred at the same time as Bitcoin had plummeted following a breach of its previous all-time high price.

Unlike BTC, though, which has made some significant recovery already, DOGE is yet to close back in on its recent highs. Despite this significant pullback, though, the coin’s investors would still be carrying profits of more than 95% over the past month, showcasing just how strong its recent bullish momentum has been.

In terms of the market cap, Dogecoin is currently the nineth-largest asset in the sector, some distance behind eighth-placed Cardano (ADA).

While Dogecoin still has a comfortable gap to Shiba Inu (SHIB) in tenth, its rival is fast approaching it with a run of a whopping 131% in the past week.

The post Dogecoin Accumulation: DOGE Millionaires Have Shot Up By 76% appeared first on CryptoSens.

These Dogecoin on-chain indicators may be the ones to watch to see if the meme coin has a chance of finding a reversal in the near future or not.

Dogecoin Large Holders Have Been Growing, Old Coins Have Come Alive

In a new post on X, the on-chain analytics firm Santiment has talked about how two on-chain metrics related to Dogecoin have been looking recently. The first indicator of relevance here is the number of DOGE addresses carrying at least 1 million tokens in their balances.

At the current exchange rate, this converts to about $75,800, so this range would include the large investors in the market. In particular, the sharks and whales would fall inside this group. These key investors can hold some influence in the market, so their movements can be worth following.

The below chart shows how the number of Dogecoin sharks and whales has changed over the last few months:

From the graph, it’s visible that the Dogecoin addresses carrying at least 1 million DOGE have registered some notable growth over the past month. During this period, shark and whale numbers on the network have increased by 121.

This would imply there has been interest in the memecoin from the large investors recently. Interestingly, the surge in the number of these addresses has only become sharper since DOGE topped out recently, implying that the sharks and whales have been taking advantage of the lower prices and buying more.

This is certainly a positive sign for a reversal in the asset’s price, as the humongous hands appear to be backing the cryptocurrency at the current levels.

There has also been a signal that may not necessarily be so positive, however. In the chart, Santiment has also attached the data for another metric, called the “age consumed,” which basically tells us about the movement occurring from the dormant tokens on the blockchain.

The dormant coins belong to the “long-term holders” (LTHs), who are the most resolute hands in the sector. When the age consumed metric spikes, it means that these LTHs have decided to finally break their silence.

It’s hard to say about the implications of such a trend on the meme coin’s price, but a possibility that’s always on the table is that the LTHs have in fact made their moves to sell the cryptocurrency.

As is apparent from the graph, the Dogecoin age consumed has registered a huge spike recently, implying that HODLers have been on the move. This can be a sign of selling, but Santiment has pointed out that more often than not, such spikes in the indicator signal a change in direction for the asset’s price.

Between these two signals, one bullish and the other perhaps a bit more mixed, it now remains to be seen how the price of DOGE develops in the coming days.

DOGE Price

Since hitting a top above $0.087 a few days back, Dogecoin has slipped down all the way towards $0.076.

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