In light of data from IntoTheBlock, it has been revealed that the scale of whale activity behind the scenes of the popular meme cryptocurrency Dogecoin (DOGE) has increased significantly over the past 24 hours. However, there is one important caveat to note first.
The volume of large-scale transactions by Dogecoin increased by 73.53%, reaching a total of 14.75 billion DOGE. In monetary terms, this represents an increase from $938 million to $1.67 billion. Note that only transactions with a minimum value of $100,000 are included in the analysis.
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Source: Into the Block
At first glance, the statistics look promising, with a surge in trading activity by whales contributing to significant volatility. However, a closer analysis reveals that the majority of these whale trades were actually aimed at selling DOGE, not buying it.
More data means more problems
This is evidenced by inflows minus outflows associated with addresses representing at least 0.1% of Dogecoin’s circulating supply.
Over the past 24 hours, this figure has decreased to -245.44 million DOGE, representing a decrease of 260.81 million coins compared to the previous day. This represents the exact discrepancy between the amount of Dogecoin sold and purchased by whales over the past 24 hours.
Source: Into the Block
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This significant decrease was primarily due to a significant increase in DOGE outflows from whale wallets, which increased by 3,586% from 27.35 million DOGE to 980.8 million DOGE.
Meanwhile, inflows reached 735.35 million DOGE, an increase of 1,721% from the previous day, but still fell short of the amount needed to exceed yesterday’s outflows.
