Dogecoin Price Drops as Whale Activity Declines Significantly

Dogecoin price falls by 16% amid a sharp decline in large transactions, signaling reduced confidence among major investors.

Dogecoin (DOGE) is currently experiencing a significant price correction, with its value dropping by 16% over the past month to $0.10. This decline is closely linked to a marked reduction in activity from large investors, commonly referred to as “whales.”

Data from IntoTheBlock highlights a sharp decrease in high-value transactions involving DOGE. Transactions ranging from $1 million to $10 million have dropped by 62%, while those exceeding $10 million have seen an even steeper decline of 67%. This substantial decrease in large transactions suggests that major investors are losing confidence in DOGE, contributing to its recent price struggles.

Further compounding this bearish sentiment is a dramatic 383% drop in the Large Holders Netflow to Exchange Netflow Ratio, a key metric that tracks the movement of significant DOGE holdings. This decline indicates that whales are less active in accumulating DOGE, adding further downward pressure on its price.

As whale activity diminishes, Dogecoin’s outlook appears increasingly bearish, raising concerns about its short-term price stability. The reduced confidence among large investors is a significant factor driving this decline, and it remains to be seen whether DOGE can recover from this downturn

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