As a researcher with extensive experience in the cryptocurrency market, I find the recent developments surrounding Dogecoin (DOGE) concerning. The significant decrease in Large Holders Inflow and Netflow metrics suggests a reduction in buying activity among major stakeholders, which could have implications for the price of this meme cryptocurrency.
As a researcher studying the cryptocurrency market over the past day, I’ve observed some concerning on-chain activity regarding Dogecoin (DOGE), the famously memetic digital currency. According to data from IntoTheBlock, there has been a significant decrease of approximately 86% in the Large Holders Inflow metric. This specific metric monitors the transfer of funds into the wallets controlled by major investors, often referred to as “whales.”
As an analyst, I’ve noticed a significant decline in the DOGE holdings of large investors. Their holdings dropped from 428.72 million DOGE to just 62.63 million DOGE, which translates to around $9.45 million. This substantial decrease suggests that these major stakeholders have reduced their buying activity. Historically, a decrease in the Large Holders Inflow metric has often signaled a reduction in purchasing activity. Many large holders typically acquire their assets on centralized exchanges and then transfer them to cold storage for safekeeping.
Large Holders Netflow, revealing the position adjustments of entities holding more than 0.1% of Dogecoin’s supply, has recently experienced a noticeable decrease. After moving into positive territory last week with a net flow of 411.69 million DOGE, it has now dropped to 31.71 million DOGE. This downward trend in netflow may suggest a shift in sentiment among major investors or whales, possibly hinting at reduced holdings or selling activities.
What about Dogecoin (DOGE) price?
Over the last 24 hours, Dogecoin’s price has exhibited contrasting movements. Yesterday, there was a decrease of 2.57%, and today, an additional drop of 1.46% has been observed. At present, I see the cryptocurrency being traded at a price of $0.152 per DOGE.
The impact of less Whale involvement on Dogecoin‘s price behavior is worth considering. Historically, major investors, referred to as “Whales,” have significantly influenced market trends. Consequently, a sudden decrease in Whale activity may result in heightened market instability or hint at altered institutional investor attitudes.
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2024-05-20 18:33