The Dogecoin ($DOGE) network has experienced a sharp uptick in on-chain activity of whales, wallets holding at least 100 million units.
The pioneer dog-themed memecoin saw its whale activity rise to a 6-month high, according to analytics from Santiment analyzed by Finbold on May 1. Earlier this week, the Dogecoin network recorded 739 $DOGE transfers totaling at least $100,000 in a single day, the highest in six months.
Additionally, Dogecoin wallets holding at least 100 million $DOGE increased their bags to an all-time high of 108.52 billion units, valued at about $11.8 billion at the time of publication. Notably, 149 Dogecoin wallets with balances exceeding 100 million $DOGE control 70.45% of the memecoin’s total circulating supply as of press time.
The demand for Dogecoin by these cohorts has gradually increased in the past three months. Similarly, the U.S. spot $DOGE exchange-traded funds (ETFs) have recorded a steady growth in the past three months to currently hold assets valued at around $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.
Dogecoin price rebounds on renewed whale demand
Amid renewed demand for $DOGE from whales, the meme’s price closed April on a bullish outlook. The altcoin surged 16.48% over the last 30 days, trading at about $0.1087 on Friday. As such, the memecoin’s market capitalization had risen to about $16.9 billion.
If the Dogecoin whales continue to accumulate in the near term, the memecoin could form a strong base for its multi-month bear market. However, if these large investors begin to distribute their holdings, the $DOGE price could continue to bleed.
