Dogecoin (DOGE), the leading memecoin, recently faced an 18% decrease from its peak last Saturday. However, on-chain data from Santiment indicates that the enthusiasm among major investors remains robust. Despite large holders cashing out just before the price surge, their engagement with the network continues to be remarkably high.
Why Are Whale Transactions Surging?
There has been a notable uptick in wallet addresses on the Dogecoin network, with on-chain activity hitting its highest point in seven months. The activity is largely driven by whales executing transactions exceeding $100,000, showcasing their sustained interest even in light of the recent price decline.
What Does This Mean for Dogecoin’s Future?
The high level of whale activity is a strong indicator of potential future price shifts. Although Dogecoin has seen fluctuations, the sustained transactions from large investors suggest that they continue to play a vital role in influencing market trends.
Recent statistics reveal the following key points:
- 63,689 active wallet addresses have engaged in numerous transfers over three days.
- 1,203 whale transactions occurred just before the price peak on September 28, marking a significant activity spike.
- Dogecoin’s trading volume surged by 42.59% to $1.31 billion during a 24-hour period, despite an 8.64% price drop.
As of now, DOGE is valued at $0.1082, reflecting recent market volatility. The sustained whale activity suggests that Dogecoin may still have significant movements ahead, despite current price challenges.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/whales-keep-dogecoin-active-despite-price-drop