The Dogecoin market has been experiencing a significant downturn in recent weeks, with the price of DOGE falling by nearly 50% since reaching a local high of $0.47 in early December. The latest on-chain data from Santiment reveals that this decline may be attributed to a decrease in activity among Dogecoin whales.
According to Santiment, the number of DOGE transactions worth over $100,000 has drastically reduced, falling by more than one-third compared to the volume seen during the “Trump pump run-up” in early November. Weekly $100,000 transactions have dropped from 20,200 to 6,200 since November 9, 2024, representing an almost 70% decline. Similarly, weekly $1 million DOGE transactions have plunged by over 75%, going from 3,490 to 850 in the last three months.
This decrease in whale activity suggests that large investors are becoming less confident in the Dogecoin market, which could further contribute to the downward pressure on the price of DOGE. As of this writing, the DOGE token is valued at around $0.246, reflecting a mere 0.5% decline in the past 24 hours. While the meme coin seems to have found support around $0.23, there has not been enough movement to ensure a comeback and recover the recent losses.
The general market condition has not been particularly positive, but the meme coin sector appears to be enduring the biggest impact of this climate shift. For the Dogecoin price to recover, these whale transaction metrics may need to pick up again, indicating renewed interest and confidence among large investors.
However, there may be a glimmer of hope for Dogecoin. Crypto analyst Ali Martinez recently revealed that whales have accumulated over 100 million DOGE tokens in the past 24 hours, signaling growing interest and confidence among some large investors. If this trend continues, it could potentially help to stabilize the price of DOGE and pave the way for a recovery.
Tags: Dogecoin, DOGE, Whale Activity, On-Chain Data, Crypto Market
Source: https://www.newsbtc.com/news/dogecoin/dogecoin-whales-desert-market-number-of-100000-transactions-nosedives-70/
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