Dogecoin’s Whales Maintain High Activity Levels Despite Price Drop

Dogecoin Whales Stay Active Amid Price Dip

Despite a recent price loss of 18%, Santiment data suggests that Dogecoin's whale activity remains robust.

Whale Transactions Surge

The Dogecoin network has witnessed a surge in wallet addresses alongside record on-chain activity in seven months. Whales making transactions over $100,000 have significantly contributed to this. Despite the price drop, these large investors have not fully withdrawn their support.

Record Wallet Activity

In the past three days, 63,689 active wallet addresses have made numerous Dogecoin transfers, marking the highest level since April. Additionally, on September 28, just before the price peak, 1,203 whale transactions occurred, indicating their largest activity since May.

Whale Activity as a Price Indicator

Despite Dogecoin's recent decline, whale activity is often seen as a reliable indicator of future price movements. The significant involvement of large investors can impact market trends, potentially extending to Dogecoin's price.

Current Dogecoin Market

At the time of writing, Dogecoin (DOGE) trades at $0.1082, marking an 8.64% decline over the past 24 hours. Trading volume has increased by 42.59% to $1.31 billion during the same period.