On-chain data reveals that Dogecoin whales have been reducing their holdings over the past year, which could be bearish for the memecoin. According to data from IntoTheBlock, DOGE whales have lost supply share to other holder groups recently. The "whales" refer to the Dogecoin addresses carrying at least 1% of the entire circulating supply of the memecoin in their balance. These large holders are considered the most influential on the network due to the massive scale of tokens they control. Their collective behavior can be worth keeping an eye on, as even if it may not directly impact the price, it can tell us about the sentiment among this cohort.

A graph displaying the percentage of the total supply held by the Dogecoin whales over the past year shows a decline in their share of the Dogecoin supply in circulation. More specifically, these investors owned around 45.3% of the asset's supply a year ago, but today they own about 41.3%. The whales have sold around 9% of their net holdings since then. In contrast, retail and mid-sized investors now hold a larger share of the total supply. IntoTheBlock defines "investors" as the addresses carrying between 0.1% and 1% of the supply, while retail refers to the entities holding less than 0.1%. Currently, the former controls around 21% of the DOGE supply, and the latter controls 37%.

The whales' reduced holdings over this period suggest that big money has been losing interest in Dogecoin, which can be bearish for its price. On the other hand, the redistribution of the supply to smaller holders could be positive for the health of the DOGE ecosystem, as it means that the asset is less centralized over a few large entities. In some other news, IntoTheBlock has shared an update on how the activity on the Dogecoin blockchain has been looking recently and how it compares to other meme-based coins in the cryptocurrency sector.

The chart on the left shows the trend in the number of traders for these assets, while the one on the right displays the number of transactions. In both of these metrics, Dogecoin is currently the number one memecoin. Interestingly, the number two such asset isn't Shiba Inu or PEPE. Rather, it's Degen. This achievement is remarkable considering Degen's market cap is only 0.79% of Dogecoin's. Dogecoin has seen a plunge of more than 11% in the past week, taking its price to $0.122.

Dogecoin whales' reduced holdings indicate a bearish sentiment, while smaller investors' increased participation could benefit the ecosystem. Despite this, Dogecoin remains the leading memecoin in terms of traders and transactions. e.