Dogecoin (DOGE) Whales Run out of Patience: Details

Dogecoin Whales Losing Patience, On-Chain Data Indicates

Major holders of Dogecoin (DOGE) are reportedly becoming less patient, according to on-chain data from IntoTheBlock.

Surge in Large Transactions

The volume of large transactions ($100,000 or more) increased significantly yesterday, jumping from $1.02 billion to $1.15 billion. Over 1,100 such transactions occurred.

Outflows Dominate

However, a deeper analysis reveals a different picture. Outflows from wallets holding at least 0.1% of DOGE's circulating supply significantly exceeded inflows in the past 24 hours.

Specifically, outflows reached 133.99 million DOGE, a 502.81% increase, while inflows were only 110.52 million DOGE, a 295.74% increase. This suggests a negative sentiment among large DOGE investors.

Failed Breakout

This development coincides with a failed breakout in DOGE's price. After an initial surge of 17%, the rally stalled, and the cryptocurrency has since lost over 14%.

Negative Net Flow

As a result, the net flow to whale wallets has moved into negative territory, reaching -23.47 million DOGE.