As a crypto investor with experience in following Dogecoin (DOGE) closely, I find the recent decline in whale activity concerning. The data from IntoTheBlock showing a significant drop in large transactions and inflows/outflows of funds to major wallets is a red flag for me.
As a researcher studying the cryptocurrency market, I’ve observed a noteworthy decrease in the involvement of major players, or “whales,” in Dogecoin (DOGE) transactions following the passing of Kabosu, the beloved Shiba Inu featured in the iconic Doge meme. A closer examination of crucial metrics reveals a substantial reduction in whale activity within the Dogecoin community.
I’ve analyzed the data from IntoTheBlock and found that large DOGE transactions have decreased substantially in the last 24 hours, dropping by 29.69% to reach 6.63 billion DOGE. Notably, transactions worth over $100,000 have plummeted from $1.56 billion to $1.12 billion, with only 1,300 such transactions taking place during this time frame.
The significant decrease in whale engagement with Dogecoin is reflected in both a substantial drop in new deposits and withdrawals to wallets holding at least 0.1% of DOGE‘s total circulation. Specifically, these wallets experienced an inflow of just 59.86 million coins – a decline of 87.52% compared to the previous day’s intake. Likewise, outflows from these wallets amounted to 103.87 million coins, marking a decrease of 29.59% from the preceding day.
The downturn occurred concurrently with the social media announcement of Kabosu’s demise by its owner. The image of Kabosu became interchangeable with the Doge meme, giving rise to Dogecoin in 2013. Currently valued at a market capitalization of $24.43 billion and boasting daily trading volumes nearing $2 billion, Dogecoin holds a significant position within the cryptocurrency sector.
Although it’s uncertain if Kabosu’s passing directly caused the decrease in whale activity in the financial markets, it’s plausible that the strong emotional attachment people had for this beloved dog might have affected investor emotions.
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2024-05-26 16:46