Dogecoin (DOGE) is experiencing a decline in activity from large investors, known as whales, amid disappointing performance compared to other crypto projects such as Solana (SOL).
Recent data from blockchain analytics platform IntoTheBlock shows that transactions worth more than $100,000 have declined sharply in recent months. In the last 24 hours there were only about 650 such transactions, resulting in about 4,850 transactions in a week. By comparison, at Dogecoin’s peak in 2021, almost 40,000 of these large transactions took place in a week.
This drop in whale activity could indicate declining confidence in the currency, which could put further pressure on the price. This trend is reinforced by the fact that the total number of Dogecoin transactions, after peaking at over 2 million on May 27, has fallen to just 38,000 in the past 24 hours. This suggests that not only the whales but also the average DOGE investor may have less confidence in the coin.
Reducing hype around meme coins
Dogecoin has been experiencing a decline in its price for quite some time and has currently reached the 10th position in terms of market capitalization. With a current price of $0.061, the coin is a whopping 91% lower than its all-time high. This trend is not unique to Dogecoin; the reduced hype around meme coins in general is visible. To illustrate, competitor Shiba Inu (SHIB) also shows a stabilizing price movement in the last two months.
Dogecoin’s future prospects
Despite the sharp decline since its peak in May 2021, Dogecoin is showing signs of potential recovery. With a current market value of approximately $8.7 billion, Dogecoin is in the company of established cryptocurrencies such as Cardano (ADA) and XRP. Moreover, frequent mentions by Elon Musk and possible integrations on the X platform could reinvigorate the coin and increase its value.
Free 10 euros worth of Crypto
Do you want to enter the crypto world and perhaps buy Dogecoin or another crypto? Then we have great news for you! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.
If you sign up for Bitvavo via the button below, you will not only receive 10 euros for free, but you will also pay no trading fees on your first 10,000 euros in transactions.
2023-10-08 14:32:19
#Major #concerns #Dogecoin #Whales #retreat
