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Dogecoin (DOGE) Faces Whale Drama as Key Metric Drops 86%

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Mon, 20/05/2024 - 15:26
Dogecoin (DOGE) Faces Whale Drama as Key Metric Drops 86%
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In the past 24 hours, Dogecoin (DOGE), the most popular meme cryptocurrency, has been witness to worrying on-chain developments. According to data provided by IntoTheBlock, there has been a notable decline of almost 86% in the Large Holders Inflow metric. This metric tracks the movement of funds into addresses held by large investors, or whales.

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Large Holders Inflow fell from 428.72 million DOGE to 62.63 million DOGE, equating to approximately $9.45 million. Such a decrease indicates a substantial reduction in buying activity among these major stakeholders. Typically, a decrease in this metric suggests a decrease in purchasing activity, as many large holders tend to acquire assets on centralized exchanges before transferring them to cold storage.

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Source: IntoTheBlock

Additionally, Large Holders Netflow, which provides insight into the position changes of whales and investors holding over 0.1% of the supply, has seen a significant decline. Last week, it entered positive territory at 411.69 million DOGE but has since fallen to 31.71 million DOGE. This shift in netflow suggests a change in sentiment among large players, potentially indicating reduced positions or selling.

What about Dogecoin (DOGE) price?

Simultaneously, Dogecoin's price has seen mixed trends over the past day, with a loss of 2.57% recorded yesterday and a further 1.46% decline today. Presently, the cryptocurrency is trading at $0.152 per DOGE.

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DOGE to USD by CoinMarketCap

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The implications of the decrease in whale activity on the price of Dogecoin dynamics are worth noting. Historically, the actions of large holders have had a significant impact on market movements. Therefore, the sudden decline in whale activity could lead to increased market volatility or signal changes in sentiment among institutional investors.

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