As a seasoned crypto investor with a knack for deciphering market trends, I must admit that the recent activities surrounding Dogecoin have piqued my interest. The surge in large transactions and whale activity might initially seem promising, but a closer look at the outflows versus inflows paints a subtly different picture.
It appears that those with substantial investments in the widely-traded Dogecoin are growing increasingly impatient, as evidenced by several indicators, particularly within the inner circles of DOGE.
Based on data from IntoTheBlock, a significant jump in large transactions was observed yesterday, with over 1.1 billion tokens traded, equivalent to an increase from approximately $1.02 billion to $1.15 billion. These transactions were valued at $100,000 or more each, and the day saw a total of around 1,100 such large trades.
Initially, the statistics may seem promising, suggesting an increase in whale involvement in Dogecoin transactions. However, upon closer examination, a more nuanced image arises.
Based on data from wallets holding at least 0.1% of the total DOGE circulation, outflows significantly outpaced inflows over the last 24 hours.
Moreover, not just considering the difference of 23.47 million DOGE between outflows and inflows within a day (133.99 million DOGE vs 110.52 million DOGE), it’s also important to note that the outflows increased by an impressive 502.81%, while inflows saw a more moderate growth of 295.74%. This trend could suggest a relatively pessimistic attitude among significant Dogecoin investors towards the primary meme cryptocurrency.
This occurrence could potentially be connected to the unsuccessful surge in DOGE‘s price. After a prolonged decline for nearly eight months, there was an abrupt increase of approximately 17%. However, this upward trend was swiftly halted, and as a result, Dogecoin has experienced a significant drop of over 14%, bringing it close to its position from two weeks prior.
Consequently, the metric that monitors the total Dogecoin inflow to whale wallets turned into a negative figure for the past day, standing at approximately -23.47 million DOGE.
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2024-10-08 18:25