Dogecoin

2024

when

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. 
<h2 id="dogecoin-redistribution-who-is-in-charge-now">Dogecoin Redistribution: Who Is In Charge Now?</h2> 
IntoTheBlock <a href="https://x.com/intotheblock/status/1803056867834311148" target="_blank" rel="noopener nofollow">data</a> 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%. 
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. 
<img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GQW9uV3XIAAf_0A?format=jpg&amp;name=medium" alt="Dogecoin holders historical concentration." width="1199" height="356"> 
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 <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-whales-129-million/" target="_blank" rel="noopener ">market reactions</a> to news and events could shift, potentially leading to increased market stability or different volatility patterns based on these new majority <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-plunges-11-chain-cushion-end-decline/" target="_blank" rel="noopener ">holders’ trading behaviors</a>. 
<h2 id="price-dips-traders-suffer-analysts-remain-optimistic">Price Dips: Traders Suffer, Analysts Remain Optimistic</h2> 
Meanwhile, the decentralization of Dogecoin holdings contrasts with the current market conditions, where the <a href="https://www.newsbtc.com/currencies/dogecoin-price/" target="_blank" rel="noopener ">price</a> of Dogecoin has fallen nearly 10% in the last 24 hours to $0.211. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/tstKsibl/" alt="Dogecoin (DOGE) price chart on TradingView" width="2770" height="1496"> 
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 <a href="https://www.newsbtc.com/analysis/doge/dogecoin-in-trouble-doge-0-140/" target="_blank" rel="noopener ">impacting traders</a> significantly. According to <a href="https://www.coinglass.com/currencies/DOGE" target="_blank" rel="noopener nofollow">Coinglass</a>, the last 24 hours have seen 165,199 traders liquidated, contributing to $459.04 million in total market liquidations. 
<img loading="lazy" decoding="async" class="wp-image-625282 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-18-at-16.55.33.png?w=860&amp;resize=860%2C243" alt="Dogecoin total liquidations. " width="860" height="243" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-18-at-16.55.33.png?w=2814 2814w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-18-at-16.55.33.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-18-at-16.55.33.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-18-at-16.55.33.png?w=860&amp;resize=860%2C243 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-18-at-16.55.33.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-18-at-16.55.33.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-18-at-16.55.33.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-18-at-16.55.33.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Dogecoin traders alone have faced about $61.89 million in losses. Liquidation in the crypto market refers to the forced closure of leveraged positions due to a partial or total loss of the trader’s initial margin. This happens when they cannot meet the margin requirements for their leveraged position. 
Despite the prevailing bearish trends, the sentiment isn’t universally negative. Santiment <a href="https://x.com/santimentfeed/status/1802801420565192721" target="_blank" rel="noopener nofollow">reports</a> a decrease in crowd sentiment towards Dogecoin, suggesting that the current low prices might offer a buying opportunity for patient investors. 
This perspective aligns with observations from market analysts who see the potential for recovery. Particularly, Trader Tardigrade, a renowned crypt analyst on X, <a href="https://twitter.com/TATrader_Alan/status/1801965394531594291?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">describes</a> a “Ladle Pattern” in Dogecoin’s price movements, indicating a potential bullish trend. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$DOGE</a> has been forming Ladle Pattern in each cycle. The bowl is ready <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Are you ready for the shaft?? Ride on it <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Dogecoin</a> <a href="https://t.co/zJQBnWuoSv" target="_blank" rel="noopener nofollow">pic.twitter.com/zJQBnWuoSv</a> 
 — Trader Tardigrade (@TATrader_Alan) <a href="https://twitter.com/TATrader_Alan/status/1801965394531594291?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">June 15, 2024</a>
</blockquote> 
Meanwhile, Crypto analyst Javon Marks <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-price-21700-rise-to-17/" target="_blank" rel="noopener ">predicts a significant upswing</a> 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

Dogecoin’s Ownership Shifts: Whales Downsize As Prices Dip, Who’s In Charge Now?

Table of Contents

NewsBTC

Other articles published on Jun 19, 2024

Injective (INJ) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Crypto: BTC Holders Decline While ETH Gains Momentum

PolitiFi Tokens Greet New Member; Is the DJT Token Legit?

Crypto Market Chaos! Spot Ether ETFs Launch Expected to Increase Volatility

Delist Announcement from Bitcoin Exchange Binance! Three Altcoin Trading Pairs Delisted from Spot...

SEC Decision Boosts Ethereum Price by 4.5%

Join our free newsletter for daily crypto updates!