Dogecoin’s Ownership Shifts: Whales Downsize As Prices Dip, Who’s In Charge Now?
19 Giugno 2024 - 5:00AM
NEWSBTC
As the crypto market endures another tumultuous period, Dogecoin
has seen significant changes in its ownership structure. Recent
data from IntoTheBlock reveals a notable shift, with major Dogecoin
whales—those holding more than 0.1% of the total supply—reducing
their stakes. Dogecoin Redistribution: Who Is In Charge Now?
IntoTheBlock data indicates that this position reduction from these
whales has been ongoing for the past year. Specifically, the share
of Dogecoin controlled by these large holders has decreased from
45.3% to 41.3%. Related Reading: Dogecoin Sees Monumental Surge In
Transactions As Whales Spend $129 Million This trend suggests a
possible decentralization of ownership or a strategic shift in the
holdings of larger investors, perhaps in response to market
conditions or broader cryptocurrency trends. Simultaneously, this
decrease among major holders has been accompanied by increased
ownership among retail and mid-sized investors. These smaller
investors have seized the opportunity to accumulate more Dogecoin,
raising their collective stake in the total supply. This
redistribution of Dogecoin holdings could indicate a growing
democratization in the investment landscape of this particular
cryptocurrency. As more individuals and smaller investors become
significant stakeholders, the dynamics of market reactions to news
and events could shift, potentially leading to increased market
stability or different volatility patterns based on these new
majority holders’ trading behaviors. Price Dips: Traders Suffer,
Analysts Remain Optimistic Meanwhile, the decentralization of
Dogecoin holdings contrasts with the current market conditions,
where the price of Dogecoin has fallen nearly 10% in the last 24
hours to $0.211. This decline is part of a broader downturn that
saw the cryptocurrency shed 12.5% of its value over the past week,
bringing its market capitalization below $18 billion. This downward
trend in Dogecoin’s price is impacting traders significantly.
According to Coinglass, the last 24 hours have seen 165,199 traders
liquidated, contributing to $459.04 million in total market
liquidations. Dogecoin traders alone have faced about $61.89
million in losses. Liquidation in the crypto market refers to the
forced closure of leveraged positions due to a partial or total
loss of the trader’s initial margin. This happens when they cannot
meet the margin requirements for their leveraged position. Despite
the prevailing bearish trends, the sentiment isn’t universally
negative. Santiment reports a decrease in crowd sentiment towards
Dogecoin, suggesting that the current low prices might offer a
buying opportunity for patient investors. This perspective aligns
with observations from market analysts who see the potential for
recovery. Particularly, Trader Tardigrade, a renowned crypt analyst
on X, describes a “Ladle Pattern” in Dogecoin’s price movements,
indicating a potential bullish trend. $DOGE has been forming Ladle
Pattern in each cycle. The bowl is ready 🔥 Are you ready for the
shaft?? Ride on it 🚀#Dogecoin pic.twitter.com/zJQBnWuoSv — Trader
Tardigrade (@TATrader_Alan) June 15, 2024 Meanwhile, Crypto analyst
Javon Marks predicts a significant upswing for Dogecoin,
anticipating a price surge based on historical performance and
projecting an optimistic future for the meme coin amidst its
current lows. Featured image created with DALL-E, Chart from
TradingView
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