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The digital currency ecosystem is seeing a mild gain retraction as Bitcoin (BTC) failed to match up to expectations following the debut of spot Bitcoin Exchange Traded Fund (ETF) products. Dogecoin (DOGE) bears are riding this negative price trend, with a 1.80% drop in the past 24 hours to $0.08479.
This slump becomes more concerning if the trading volume, which has dropped by 27% to $609,330,772, is factored in.
The drop in the price of Dogecoin is at best attributable to whales within the network losing their much-needed traction. Data from crypto analytics platform IntoTheBlock (ITB) revealed that Dogecoin’s large transaction volume has dropped by 5.89%, with just about $1.3 billion traded in the past 24 hours.
The exodus of whales from the Dogecoin ecosystem is unusual as the coin remains one of the most favored digital currencies by large buyers.
When zoomed in, the data shows that there was a total of 1,420 large transactions as of Jan. 11, up from 920 as of Jan. 9. Despite this increment, the volume slipped overnight, dropping to the current level from the $1.38 billion it traded at as of Jan. 10.
Boosting Dogecoin price with bull’s return
The general sentiment on the market as of today does not encourage a solo price breakout for any major digital currency. However, the return of Dogecoin whales might spark a turnaround in the meme coin, which has a good record of printing solo rides in momentary breakout from its correlations with Bitcoin.
While the Doge-1 space mission to the moon remains an exciting development within the Dogecoin ecosystem, the top meme coin lacks enough fundamentals beyond the roles the whales can play. Whether or not large buyers have the right motivation to chart an ambitious buying path remains to be seen in the coming days and weeks.
Mushumir Butt
Tomiwabold Olajide
