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Dogecoin (DOGE) Whales Run out of Patience: Details

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Tue, 8/10/2024 - 15:07
Dogecoin (DOGE) Whales Run out of Patience: Details
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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. 

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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. 

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Although 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.

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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. 

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Source: IntoTheBlock

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.

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DOGE to USDT by CoinMarketCap

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. 

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As 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.

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