Dogecoin Whales Desert Market: Number Of $100,000 Transactions Nosedives 70%

Opeyemi Sule

4 months ago

2 mins read

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The price of Dogecoin has been under significant downward pressure over the past week, and the latest on-chain data suggests that the meme coin might not experience relief any time soon.

Dogecoin Price Overview

As of this writing, the DOGE token is valued at around $0.246, reflecting a mere 0.5 decline in the past 24 hours. While the meme coin seems to have found formidable support around $0.23, there’s not been enough movement to ensure a comeback and wipe out some of the recent loss. CoinGecko data shows that the largest meme coin has shrunk in value by more than 25% in the last seven days.

However, price action data shows that Dogecoin’s struggle didn’t begin in the past week, as the meme token has steadily declined since reaching $0.47 in early December. According to data from Santiment, the price of DOGE is down by nearly 50% after notching the local high two months ago.

While the general market condition has not been particularly positive, the meme coin sector appears to be enduring the biggest impact of the climate shift. The latest on-chain data suggests that an important class of large investors might have a role in the price downturn, as they are becoming less active in the Dogecoin market.

DOGE Large Transactions Witness Severe Decline

In a Feb. 8 post on the X platform, the blockchain intelligence firm Santiment revealed that Dogecoin whales have become less active in the market, with their number of transactions dwindling in recent weeks. Specifically, the on-chain analytics firm highlighted the changes in two whale transaction groups: the $100,000 and the $1 million transactions.

According to Santiment, the number of DOGE transactions (worth over $100,0000) has drastically reduced, by more than one-third of the volume during the “Trump pump run-up in early November.” On-chain data shows that the weekly $100,000 transactions have fallen from 20,200 to 6,200 — an almost 70% decline — since November 9, 2024.

Meanwhile, the weekly $1 million DOGE transactions have plunged by over 75%, going from 3,490 to 850 in the last three months. As Santiment highlighted, these whale transaction metrics may need to pick up again if the Dogecoin price is to recover.

In a new post on X, crypto analyst Ali Martinez revealed that whales have accumulated over 100 million DOGE tokens in the past 24 hours. According to the pundit, this latest round of accumulation signals growing interest and confidence amongst large investors.

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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