In the last 24 hours, Dogecoin (DOGE), the most popular meme cryptocurrency, has witnessed worrying on-chain developments. According to data provided by IntoTheBlock, there has been a notable drop of almost 86% in the large holder inflow metric. This metric tracks the movement of funds to the addresses of large investors or whales.
In the last 24 hours, Dogecoin (DOGE), the most popular meme cryptocurrency, has witnessed worrying on-chain developments. According to data provided by IntoTheBlock, there has been a notable drop of almost 86% in the large holder inflow metric. This metric tracks the movement of funds to the addresses of large investors or whales.
Godfrey BenjaminInflows from large holders fell from 428.72 million DOGE to 62.63 million DOGE, equivalent to approximately $9.45 million. Such a decline indicates a substantial reduction in purchasing activity among these major players. Typically, a decrease in this metric suggests a decrease in purchasing activity, as many large holders tend to purchase assets on centralized exchanges before transferring them to cold storage.
Additionally, Large Holders Netflow, which provides information on the position changes of whales and investors holding more than 0.1% of the supply, has seen a significant drop. Last week, it entered positive territory with 411.69 million DOGE, but has since fallen to 31.71 million DOGE. This change in net flow suggests a change in sentiment among the large players, which could indicate reduced positions or selling.
What’s happening with the price of Dogecoin (DOGE)?
At the same time, Dogecoin price has seen mixed trends over the past day, with a 2.57% loss recorded yesterday and a further 1.46% drop today. Currently, the cryptocurrency is trading at $0.152 per DOGE.
Yuri MolchanIt is worth noting the implications of declining whale activity on Dogecoin price dynamics. 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 indicate changes in sentiment among institutional investors.
