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It seems that holders of large positions in the most popular meme cryptocurrency, Dogecoin, are running out of patience, and there are a number of confirmations of this, especially behind the scenes at DOGE.
According to on-chain data provided by IntoTheBlock, the volume of large transactions increased by nearly a billion tokens yesterday, and in dollar terms from $1.02 billion to $1.15 billion. Only transactions of $100,000 or more were taken into account, and there were more than 1,100 such transactions over the course of the day.
Arman ShirinyanAlthough at first glance the statistics look encouraging and indicate the increased participation of whales in Dogecoin turnover, more detailed data reveals a slightly different picture.
As indicators of outflows and inflows to wallets with at least 0.1% of the circulating supply of DOGE show, the numbers for the former were much higher in the past day.
Thus, in addition to the fact that outflows amounted to 133.99 million DOGE against 110.52 million DOGE inflows in 24 hours, the former grew by 502.81% during the period, while the latter grew by only 295.74%. This may indicate that major investors in Dogecoin have a rather negative sentiment toward the main meme cryptocurrency.
This event may be related to the failed breakout in the price of DOGE, when it initially spiked almost 17% after many months of downtrend. However, the rally was then cut short, and Dogecoin has since plunged more than 14%, almost back to where it was two weeks ago.
Yuri MolchanAs a result, the metric showing the net flow to whale wallets went into the negative zone in the last day, with a value of -23.47 million DOGE.
Godfrey Benjamin
Yuri Molchan
Dan Burgin
Vladislav Sopov
U.Today Editorial Team