Dogecoin Whales Desert Market: Number Of $100,000 Transactions Nosedives 70%
Dogecoin prices have been Significant downward pressure Over the past week, the latest chain-chain data suggests that meme coins may not encounter relief anytime soon.
Dogecoin price overview
When writing, Doji Token The value is about $0.246, reflecting a drop of only 0.5 in the past 24 hours. While the meme coins seem to have found huge support, around $0.23, there isn’t enough action to ensure a comeback and eliminate some of the recent losses. Coingecko data shows that the largest meme coins have shrunk by more than 25% over the past seven days.
However, price action data suggest Dogecoin’s struggle hasn’t started in the past week, as meme symbols have steadily declined since early December. Doge’s price fell nearly 50% after gaining local highs two months ago, according to Santiment.
Although the general market conditions are not particularly positive, the meme coin sector appears to be enduring the biggest impact of climate change. The latest chain chain data suggests that important large investors may play a role in price declines as they become increasingly active in the Dogecoin market.
Large deals witness severe decline
In a post on X platform on February 8, Blockchain Intelligence Company reveal The dog whale has been less active in the market, and the number of transactions has gradually decreased in recent weeks. Specifically, the on-chain analysis firm highlighted changes in two whale trading groups: $100,000 and $1 million deals.
according to Single personduring the “Trump Pump Upgrade in Early November”, the number of transactions on the door (valued over $100,000) was significantly reduced. Data on the chain shows that $100,000 per week has dropped from $20,200 to $6,200 since November 9, 2024, a nearly 70% drop.
Meanwhile, the weekly $1 million threshold trading fell to more than 75%, from 3,490 to 850 in the past three months. As Santiment highlighted, if Dogecoin, these whale trading indicators may need to be picked up again Price is recovery.
In a new post on X, crypto analyst Ali Martinez revealed that whales have accumulated more than 100 million Manog tokens in the past 24 hours. According to Pundit, this round of accumulated signals has grown in interest and confidence among large investors.
