Dogecoin Whales Disappear After DOGE Meme Dog Kabosu's Passing

Cover image via U.Today

Dogecoin (DOGE) has witnessed a noticeable decline in the activity of major players, or "whales," coinciding with the recent passing of Kabosu, the dog immortalized in the iconic Doge meme. Analysis of key metrics reveals a significant decline in whale activity.

According to IntoTheBlock, large transactions involving DOGE have dropped significantly over the past 24 hours, decreasing by 29.69% to 6.63 billion DOGE. Notably, transactions exceeding $100,000 have plummeted from $1.56 billion to $1.12 billion, with 1,300 such transactions recorded during the period.

The decline in whale activity is further evidenced by a marked reduction in the inflow and outflow of funds to wallets containing at least 0.1% of DOGE's circulating supply. Inflows into these wallets fell 87.52% to a modest 59.86 million coins, while outflows decreased to 103.87 million coins, a 29.59% drop from the previous day. src="/uploads/20240526/1716732399665341ef964f7.png">Source: IntoTheBlock

This decline coincided with the announcement of the death of dog Kabosu by its owner on social media. Kabosu's image became synonymous with the Doge meme, which later inspired the creation of Dogecoin in 2013. With a current market capitalization of $24.43 billion and daily trading volume approaching $2 billion, Dogecoin holds a significant position in the cryptocurrency market.

While a direct link between Kabosu's death and the decline in whale activity remains speculative, it is plausible that the emotional resonance associated with the beloved dog may have influenced investor sentiment.