Dogecoin Whales Disappear After DOGE Meme Dog Kabosu's Passing

Cover image via U.Today

Dogecoin (DOGE) Whale Activity Plummets Amidst Kabosu's Passing

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

According to IntoTheBlock, large transactions involving DOGE have fallen by 29.69% to 6.63 billion DOGE over the past 24 hours. Transactions exceeding $100,000 have also declined significantly, from $1.56 billion to $1.12 billion, with a recorded 1,300 such transactions during the period.

The reduction in whale activity is further evidenced by a marked decline in the inflow and outflow of funds to wallets containing at least 0.1% of DOGE's circulating supply. Inflows into these wallets dropped by 87.52% to 59.86 million coins, while outflows fell by 29.59% to 103.87 million coins. Source: IntoTheBlock

This decline in whale activity coincides with the announcement of Kabosu's death by her 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 possible that the emotional resonance associated with the beloved dog may have influenced investor sentiment.