The digital currency ecosystem is experiencing a slight pullback in gains as Bitcoin (BTC) failed to meet expectations following the debut of spot Bitcoin exchange-traded fund (ETF) products. Dogecoin (DOGE) bears are taking advantage of this negative price trend, up 1.80% drop in the last 24 hours at $0.08479.
The digital currency ecosystem is experiencing a slight pullback in gains as Bitcoin (BTC) failed to meet expectations following the debut of spot Bitcoin exchange-traded fund (ETF) products. Dogecoin (DOGE) bears are taking advantage of this negative price trend, up 1.80% drop in the last 24 hours at $0.08479.
This drop becomes more worrying when you consider the trading volume, which has fallen 27% to $609,330,772.
Dogecoin’s price drop can at best be attributed to whales within the network losing much-needed traction. Data from the cryptanalysis platform IntoTheBlock (ITB) revealed that the large volume of Dogecoin transactions has fallen by 5.89%, with only about $1.3 billion traded in the last 24 hours.
The exodus of whales from the Dogecoin ecosystem is unusual, as the coin remains one of the favorite digital currencies of large buyers.
When zoomed in, the data shows that there were a total of 1,420 large transactions as of January 11, up from 920 as of January 9. Despite this increase, volume fell overnight, falling to the current level from $1.38 billion as of January 10.
Boosting Dogecoin price with the return of the bull
The general sentiment in the market today does not encourage a solo price breakout of any major digital currency. However, the return of Dogecoin whales could cause a sea change in the meme coin, which has a good track record of printing solo rides on a momentary break in its correlations with Bitcoin.
While the Doge-1 space mission to the moon remains an exciting development within the Dogecoin ecosystem, the leading meme coin lacks sufficient foundation beyond the roles that whales can play. In the coming days and weeks, it will remain to be seen whether or not large buyers have the right motivation to chart an ambitious purchasing path.
