Dogecoin (DOGE) Whales Disappear as September Comes
Release: 2024/09/02 00:49 Reading: 209
Disturbing Developments in Dogecoin's Whale Activity
[Image: "Cover image via U.Today"]
Recent analysis from IntoTheBlock has revealed a concerning trend in the behavior of large Dogecoin (DOGE) holders, commonly referred to as whales. Since the beginning of September, whales have significantly reduced their on-chain activity.
Decline in Whale Activity
- Inflows have plummeted by 87.81%, from 229.49 million to 27.96 million DOGE per day.
- Outflows have also decreased, falling by 80.7% from 181.29 million to 17.42 million DOGE.
Net Flow Impact
As a result, the net flow of Dogecoin into whale wallets has declined to 10.54 million DOGE, marking a fourfold decrease. [Source: IntoTheBlock]
Historical Context
Curiously, this decline in whale activity preceded September, a traditionally challenging month for cryptocurrencies due to seasonal and market factors.
September's Impact on DOGE
Historically, September has been a positive month for DOGE, with an average profitability of 11.3% over its history. This stands in contrast to Bitcoin, which has historically experienced a decline of -6.21% in September.
Outlook for DOGE
The reasons behind the decline in whale activity remain uncertain. However, it is clear that major players will have a significant impact on any future price movements in Dogecoin.
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