Dogecoin Whales Are Disappearing? What's Happening With DOGE

Dogecoin's Whale Exodus Raises Concerns

The recent on-chain data for Dogecoin (DOGE) indicates a concerning trend: whales are gradually withdrawing from the meme coin. Without the support of large investors, DOGE faces the risk of further decline.

Declining Large Transactions

The number of large transactions has witnessed a significant drop. As of June 2, only 718 transactions were recorded compared to a seven-day high of 154,000 on May 27. This suggests a noticeable reduction in whale activity, which can impact DOGE's stability and value.

Volume Decline

Similarly, the volume of large transactions has declined sharply. From a seven-day high of 8.65 billion DOGE on May 29, the volume plunged to 4.6 billion DOGE by June 2. This decline signals waning interest from large investors who have played a crucial role in influencing the price of sentiment-driven cryptocurrencies.

Price Struggles

The on-chain metrics align with the DOGE/USDT chart, showing difficulties in staying above key moving averages. The Relative Strength Index (RSI) hovers around 50, indicating a neutral momentum. This suggests that DOGE may not experience significant volatility in the short term.

Lack of Volume

Sustained price appreciation generally requires substantial trading volume. The current low volume levels raise concerns about the potential for a further decline in DOGE's price.