Dogecoin Whale Transactions Decline Sharply, Indicating Reduced Market Participation

Dogecoin鲸鱼交易急剧下降，表明市场参与减少

Ali, a prominent crypto analyst, has observed a significant decline in whale activity within the Dogecoin (DOGE) network. Whale transactions exceeding $1 million have plummeted by approximately 88% since mid-November.

著名的加密分析师阿里（Ali）观察到，狗狗（Doge）网络中鲸鱼活动的大幅下降。自11月中旬以来，超过100万美元的鲸鱼交易暴跌约88％。

Correlation between DOGE Price and Whale Activity

道en·价格和鲸鱼活动之间的相关性

During the period of whale transaction decline, DOGE's price has fluctuated, experiencing both gains and corrections. Transaction volume tended to mirror these price movements, reflecting increased trading activity during periods of market volatility. However, recent data suggests a sharp decrease in both whale transactions and overall trading volume, indicating reduced participation from major investors.

在鲸鱼交易下降期间，Doge的价格波动，既有收益又进行了矫正。交易量倾向于反映这些价格变动，反映了市场波动期间的交易活动增加。但是，最近的数据表明，鲸鱼交易和整体交易量都大幅下降，这表明主要投资者的参与减少了。

Peak in Whale Activity and Market Volatility

鲸鱼活动和市场波动的高峰

In late November and early December, DOGE experienced a price surge, accompanied by a subsequent series of corrections. During this period, transaction volume surged significantly, and whale activity reached a peak, exacerbating market volatility.

在11月下旬和12月初，Doge经历了价格上涨，随后进行了一系列更正。在此期间，交易量大幅飙升，鲸鱼活动达到了高峰，加剧了市场的波动。

Market Cooling and Reduced Volatility

市场冷却和降低波动

As DOGE's price peaked and declined in mid-December, whale transactions remained active, influencing market swings. However, in late December and early January, price movements were accompanied by increased transaction volume.

由于Doge的价格在12月中旬达到顶峰并下降，因此鲸鱼交易仍然活跃，影响了市场波动。但是，在12月下旬和1月初，价格变动伴随着交易量增加。

In mid-January, DOGE saw another price spike, alongside a rise in whale transactions and trading volume. However, this peak proved short-lived, and the price soon resumed its downward trend.

1月中旬，Doge看到了另一个价格飙升，以及鲸鱼交易和交易量的增加。但是，这一山峰被证明是短暂的，价格很快恢复了其下降趋势。

Reduced Large-Scale Trading

减少了大规模交易

By early February, DOGE's price had continued to fall, and transaction volume generally trended downward, reflecting decreased market participation. The decline in whale transactions suggests a reduction in large-scale trading.

到2月初，Doge的价格继续下降，交易量通常向下趋势，反映了市场参与的下降。鲸鱼交易的下降表明大规模交易的减少。

As a result, DOGE stabilized at approximately $0.267 by mid-February, with reduced volatility compared to previous months.

结果，到2月中旬，Doge稳定在约0.267美元，与前几个月相比，波动率降低。

Shift towards Retail Traders

转向零售商人

The observed trend suggests that large investors may have taken profits during price surges. Reduced whale transactions indicate that fewer major market players are actively influencing price movements. Consequently, DOGE's price movements now appear to be more heavily influenced by retail traders than institutional investors.

观察到的趋势表明，大型投资者在价格飙升期间可能已获利。减少的鲸鱼交易表明，较少的主要市场参与者正在积极影响价格变动。因此，与机构投资者相比，Doge的价格变动似乎受零售商人的影响更大。