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Dogecoin Whales Vanish: Large Transactions Drop By 88%
A concerning trend has emerged in the Dogecoin market, as large transactions have seen a drastic drop of nearly 88%. The whales that typically support DOGE’s price have vanished, leaving investors wondering what this could mean for the meme coin’s future.
According to recent data, Whale Transaction Count, which tracks large transactions within the network, has plummeted by 88% compared to previous highs. This significant decline in whale activity is concerning, as it may be indicative of a lack of support from institutional investors and large traders.
As one might expect, this sudden downturn in whale interest has coincided with a cooldown in DOGE’s price movement. The recent drop in the cryptocurrency’s value could be directly linked to the reduced enthusiasm from these influential players. Any changes in whale behavior will likely have a substantial impact on the market, making it crucial for investors to monitor this metric closely.
It is essential to keep an eye on Whale Transaction Count as any subsequent changes may lead to new outcomes for DOGE.
Source: bitcoinist.com
