Dogecoin Faces Price Correction as Whale Activity Declines

Recently, Dogecoin (DOGE), a major player in the meme coin market, has struggled significantly.

The cryptocurrency, which is currently valued at $0.10, has seen its price drop by 16% over the last month.

This decline appears to be linked to a noticeable decrease in activity from large investors, or “whales.” Data from IntoTheBlock reveals a sharp reduction in high-value transactions involving DOGE.

Specifically, the number of transactions between $1 million and $10 million has plummeted by 62%, while transactions exceeding $10 million have dropped by 67%.

READ MORE:

Is Bitcoin Losing Correlation With Traditional Markets?

This decrease in large transactions suggests a loss of confidence among these big players. The decline is further supported by a 383% drop in the Large Holders Netflow to Exchange Netflow Ratio, which measures the movement of significant DOGE holdings.

This dramatic shift indicates that whales are less active in accumulating DOGE, contributing to the asset’s bearish outlook and putting additional pressure on its price.

Alexander Stefanov