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In fact, a cohort of DOGE whales have slowly reduced their holdings, which, in turn, may have been captured by retail and mid-sized holders of the meme coins.According to the latest analysis by IntoTheBlock, the largest Dogecoin whales – holders owning more than 0.1% of the total supply – have been steadily reducing their positions.
This aligns with an increase in the supply held by entities with balances between 100 million and 1 billion DOGE. This further validated the trend that Dogecoin sold or redistributed by the largest whales is being accumulated by mid-sized holders. While the whale redistribution trend could suggest more upcoming losses, what can boost Dogecoin’s trajectory going forward is the potential launch of spot Dogecoin ETFs. Many experts believe that to be a possibility, especially after the SEC’s approval of spot Ethereum ETFs.
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