Dogecoin has been experiencing significant downward pressure over the past week, with its value currently standing at around $0.246. The recent decline represents a mere 0.5% drop from the previous day. Despite finding support at $0.23, there hasn’t been enough movement to suggest a rebound and wipe out some of the losses.
The token’s decline began in early December when it reached $0.47. Data from Santiment shows that Dogecoin has lost nearly 50% of its value since then. The meme coin sector is particularly affected by the current climate shift, with large investors playing a significant role in the price downturn.
According to blockchain intelligence firm Santiment, large investors, known as “whales,” have become less active in the market. Their number of transactions has dwindled significantly, with the weekly $100,000 DOGE transactions falling from 20,200 to just 6,200 since November 9, 2024 – an almost 70% decline.
Furthermore, Santiment reports that the weekly $1 million DOGE transactions have plummeted by over 75%, going from 3,490 to 850 in the last three months. Crypto analyst Ali Martinez has noted that whales accumulated over 100 million DOGE tokens in just 24 hours, signaling growing interest and confidence among large investors.
This development suggests that for Dogecoin’s price to recover, these whale transaction metrics will need to pick up again. The latest on-chain data indicates that the meme coin may not experience relief any time soon, with its downward trend showing no signs of reversal.
Source: https://www.newsbtc.com/news/dogecoin/dogecoin-whales-desert-market-number-of-100000-transactions-nosedives-70