As a seasoned crypto investor with years of experience navigating the volatile and unpredictable world of digital currencies, I find the recent developments surrounding Dogecoin (DOGE) both intriguing and somewhat concerning. Having weathered numerous market cycles and seen my fair share of whale activity, I can’t help but notice the significant reduction in on-chain activity from major DOGE holders since early September.
Noteworthy changes have been spotted in the background operations of the widely recognized meme cryptocurrency, Dogecoin (DOGE). Based on data from IntoTheBlock that monitors transactions into and out of large investor wallets, which control at least 0.1% of the total circulating DOGE supply, these major players have noticeably decreased their on-chain activity since early September.
Specifically, the daily inflows have dropped significantly, going from approximately 229.49 million DOGE to just 27.96 million, which represents a decrease of about 87.81%. Regarding outflows, here’s what we see — major investor wallets have experienced a substantial drop in outflows, decreasing from 181.29 million tokens to 17.42 million DOGE, marking an 80.7% reduction.
Consequently, there’s a decrease of about 4 times in the inflow of Dogecoin to whale wallets, amounting to 10.54 million DOGE, compared to the previous day.
Notably, the level of whale involvement in Dogecoin seemed to decrease prior to September. It’s worth noting that September is typically a difficult period for cryptocurrencies, as it often combines seasonal and market challenges.
DOGE’s September
This month typically witnesses a dip in the performance of various financial assets due to investors coming back from their summer breaks and reevaluating their investments, which can result in increased selling and profit-taking activities.
Contrastingly, Dogecoin, or the meme crypto, has traditionally seen positive returns in September, with an average return of approximately 11.3% throughout its history. On the other hand, Bitcoin‘s historical average return during this month is negative at about -6.21%.
In the upcoming 30 days, it’s uncertain what Dogecoin’s trajectory might be, as the level of activity from significant players could decrease or increase. Yet, it’s clear that should Dogecoin experience any significant price fluctuations, influential players are likely to be part of it.
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2024-09-01 19:50