Dogecoin has skyrocketed, surging more than 150% over the past week as on-chain data shows sharks and whales returning to the network.

Recently, the number of Dogecoin sharks and whales has increased

According to data from an on-chain analytical company Saintlysharks and whales have recently shown a reversal in abundance. The relevance indicator here is “Supply Distribution”, which tells us, among other things, how many addresses belong to a specific Dogecoin wallet group.

Addresses are divided into these cohorts based on the number of tokens they carry in their current balance. For example, the coin group 1 to 10 includes all wallets that hold 1 to 10 DOGE. The supply distribution for this particular cohort will tell us the total number of network addresses meeting this condition.

Two address ranges are of interest in the context of the current discussion: 0 to 100,000 coins and 100,000+ coins. The former covers diminutive groups of investors in a sector, such as retail, while the latter covers vast entities such as sharks and whales.

Generally speaking, the influence of any address on the network increases the more it moves, which is why sharks and whales, along with their vast estates, can be considered key cohorts of memecoin. Naturally, whales are the more essential of the two because they have more massive pouches.

Here is a chart shared by the analytics firm that shows the latest trend in Dogecoin supply distribution over the past few months:

As shown in the chart above, the distribution of Dogecoin supply has been increasing in the 0-100,000 coin group for some time, suggesting that more investors of this size are appearing on the blockchain.

In particular, over the last four weeks, 74,885 fresh addresses appeared in this interval. Over the same window, the 100,000-plus token cohort saw its rate trend downward, suggesting some big-money investors are withdrawing their holdings.

That said, while 350 Dogecoin sharks and whales have left the network in the last month, things seem to be changing for the better in shorter time frames.

About 108 wallets of this size have appeared online in the last few days, which would explain where the fuel for memecoin’s impressive growth came from.

Currently, both retail and vast holders are witnessing growth online, but time will tell if this momentum will continue. Naturally, the upward trend in the distribution of sharks and whales is more significant given their positioning in the market.

DOGA Price

At the time of writing, Dogecoin is trading around $0.383, up over 21% in the last 24 hours.

Featured image from Dall-E, Santiment.net, chart from TradingView.com