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Dogecoin Shark & Whale Population Rises—Price Turnaround Incoming?
On-chain data shows the Dogecoin shark and whale wallets have been increasing in number recently, a sign that could be bullish for DOGE’s price.
Dogecoin Sharks & Whales Have Been Expanding Despite Price Decline
According to data from the on-chain analytics firm Santiment, Dogecoin has recently seen a rise in a couple of important indicators. The first metric of relevance here is the “Supply Distribution” of the DOGE wallets carrying more than 1 million tokens.
The Supply Distribution tells us, among other things, the number of addresses that belong to a particular coin range. The indicator for the 1 to 10 coins group, for instance, measures the amount of holders who own at least 1 and at most 10 DOGE in their balance.
The 1 million+ DOGE cohort, which is the range of focus here, includes two key investor groups: sharks and whales. At the current exchange rate, the cutoff for the range converts to around $166,600. This is clearly quite a significant amount, which is why the entities belonging to the sharks and whales are considered important on the network.
Now, here is the chart that shows the trend in the Dogecoin Supply Distribution for the 1 million+ coins range over the last few months:
As displayed in the above graph, the Dogecoin Supply Distribution of the sharks and whales observed a plunge when the bearish action in the memecoin’s price first started in January.
Since the start of February, however, the indicator has reversed its direction and has been following an upward trajectory. Interestingly, this wallet increase has come despite the fact that the asset’s decline has only furthered during the period.
The trend would imply that, although the big-money investors panic sold when the drawdown first began, they have since shifted their attention to accumulating the dip instead.
In total, the shark and whale wallets have gone up by 62 (around 1.24%) since the beginning of February and are now not far from the peak witnessed back in January.
The increase in the large wallets isn’t the only positive sign Dogecoin has seen; there has also been bullish development in another indicator attached in the chart. The metric in question is the Active Addresses, which keeps track of the total number of DOGE addresses taking part in some kind of transaction activity on the blockchain every day.
From the graph, it’s visible that the Dogecoin Active Addresses has jumped to a 4-month high recently, suggesting a large amount of users have been making transfers on the network.
While the increase in the shark and whale wallets has been occurring for a while now, the signal in the Active Addresses is a more recent one. It would appear that the current low prices may have finally caught the attention of the masses, who are now coming active to make their moves.
DOGE Price
At the time of writing, Dogecoin is trading around $0.166, up around 4% in the last seven days.
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Trader Issues Urgent XRP Alert, Says the Top-Five Altcoin at Risk of Sharp Correction – Here’s His Target
Cryptocurrency trader Ali Martinez says a payments-focused altcoin must stay above a key price level to avoid a steep corrective move.
Martinez tells his 133,500 followers on the social media platform X that if XRP (XRP) falls below $2, it risks witnessing a deeper drawdown due to a lack of consolidation below the price level.
“XRP testing the waters! Below $2, a gap with no significant support could pull it to $1.60.”
Based on a chart citing on-chain data from blockchain analytics platform Glassnode, it appears that there’s an “air gap” between $2 and $1.60, indicating a weak foundation for XRP around that price zone.
XRP is trading at $2.56 at time of writing.
Next up is the layer-1 protocol Solana (SOL). According to Martinez, SOL is facing a “big test” at a resistance level a few percentage points above the current price.
“$135 stands as the most important resistance.”
The widely followed analyst further says that investors in the sixth-largest crypto asset by market cap are capitulating based on the altcoin’s net unrealized profit/loss metric (NUPL), an on-chain indicator that measures whether accumulators of a coin are in a state of profit or loss.
Based on the trader’s chart, SOL’s NUPL is hovering below the zero line, indicating that investors are witnessing losses and in the midst of capitulation.
Solana is trading at $132 at time of writing, down by around 55% from the all-time high price of $293 reached January 20th.
Looking at the top memecoin Dogecoin (DOGE), Martinez says that the altcoin has recorded significant demand in a week.
“Whale alert! Over 110 million Dogecoin bought up in a week. Big players are betting on a breakout.”
Dogecoin is trading at $0.173 at time of writing.
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Leading Shiba Inu Rival Flashing Bullish Signals Hinting at Price Reversal, According to Santiment
The original dog-themed memecoin is showing signs of a bullish reversal, says leading crypto analytics platform Santiment.
According to Santiment, Dogecoin (DOGE) is “signaling a potential turning point once crypto markets stabilize” as the number of wallets increases.
“Dogecoin, like most meme coins, has been hammered during the two-month crypto-wide retrace. However, we recommend keeping an eye on the rising level of wallets holding at least one million DOGE, which has recovered during the price dump. Active addresses are also at four-month highs.”
Santiment says that the number of Dogecoin wallets holding over one million DOGE has surged by over 1% since the start of February. In March, the largest memecoin by market cap has also recorded spikes in address activity, with the number rising to more than 150,000 active addresses per day severally.
Dogecoin is trading at $0.166 at time of writing, down by about 62% from the 2025 high of around $0.434.
Turning to development activity among the leading crypto projects, Santiment says there has been a decline in the number of contributors over the past month.
“And if we switch the perspective and zoom in to just the past one month, it’s a bit discouraging to see that every ecosystem in the top 10 has taken their foot off of the gas. Development activity events have declined across the board, with only Cosmos and Solana seeing a rise in contributors.”
Over the past six months, Santiment says the only ecosystem that has recorded a rise in the number of contributors is the layer-2 scaling solution Optimism (OP).
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A popular meme coin has shown signs of recovery as it entered bullish territory with analysts showing optimism for the future of the crypto in the upcoming months. Analysts predict that Dogecoin’s current momentum will push it to a possible 318% rally, giving their insights on what is driving this move upward.
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Price Rally Around The Corner?
An analyst said in a post that Dogecoin could be heading for a 318% increase, which is possible since the breakout experienced by the meme coin aligns with its historical price movements.
“With the breakout target at $0.6533, another +318% increase to reach it can be in the works and prices may only be preparing here to do so,” JavonTM1 said.
Prices of $DOGE (Dogecoin) are still up nearly +129% since breaking out of the pictured resisting trend and with prices still broken out and in a position to confirm another set of Higher Lows, even more upside can be coming!
With the breakout target at $0.6533, another +318%… https://t.co/nhmMIkJgqv pic.twitter.com/Qum16794Li
— JAVON
MARKS (@JavonTM1) March 11, 2025
JavonTM1 made the prediction after the meme coin soared by 129% following a breach of a critical resistance trendline. “Prices of $DOGE (Dogecoin) are still up nearly +129% since breaking out of the pictured resisting trend, and with prices still broken out and, in a position to confirm another set of Higher Lows, even more upside can be coming!”
The Bullish Impulse Wave
Analysts used the Elliott Wave Theory to explain the future of DOGE. According to the charts, Dogecoin’s price might be “in the middle of a bullish impulse wave.” They argued that the coin’s volume spikes showed that there was an increase in market participation, supporting the possibility of sustained upward movement.
Meanwhile, a curved trendline on the chart indicates that the meme coin has shifted from a prolonged correction phase into a breakout phase.
Last month, JavonTM1 noted that Dogecoin, hitting $0.6533, is just around the corner. “It’s only a matter of time here with such a major breakout response and climb thus far but a move above is looking more and more likely!”
Potential Rebound
Another analyst believes that DOGE is heading towards a potential price rebound, reinforcing the coin’s bullish outlook.
Ali Martinez used the TD Sequential indicator to explain the likely surge, saying that the indicator has flashed a buy signal on the daily chart, a cue used by investors to identify trend reversals.
Martinez added that this usually happens after a bearish phase, indicating that the meme coin could be moving toward the recovery phase.
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Data showed that DOGE remains in a strong position following the price breakout, indicating possible further gains.
At press time, Dogecoin is traded at $0.1720 per coin with a market cap of more than $25 billion.
Featured image from Pexels, chart from TradingView
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