Summary
- DOGE’s transactions have dropped by 88% owing to whale idleness, forcing it to trade at a low of 0.22.
- The collapse of LIBRA has resulted in a decline in the memecoin market overall.
- The currency is a part of the current discussion regarding a potential ETF.
It’s been a while since Dogecoin influencers, notably Musk, have said anything significant about promoting the coin. It looks like Musk is more concerned with the other DOGE and has forgotten about this DOGE. Musk isn’t the only one who has abandoned Dogecoin; the whales have disappeared.
On-chain data indicates that large Dogecoin transactions have declined substantially, implying that whales are no longer active in the network. However, a massive Dogecoin deal drew a lot of attention in the cryptocurrency market. A whale transferred 100 million DOGE to Binance, which is around $25.42 million. Because of this movement, the price of DOGE has dropped, causing smaller investors to relocate.
The currency is now trading at $0.2264. A decrease to its lowest level since early November. For the past three months, traders have been speculating if Dogecoin will fall.
Dogecoin Whale Activity
In November, the Dogecoin Whale Transaction Count reached a high point. This indicated that the whales were performing a lot of work on the network. On the other side, the indicator has been declining since the peak in mid-November.
Last week, the blockchain recorded only 25 trades by whales. This is about 88% less than the highest peak. The “Whale Transaction Count” refers to an indicator developed by Santiment, an on-chain analytics startup, that tracks the total number of DOGE transactions worth more than $1 million.
In general, only whale entities can make such large modifications in a single transaction; hence the metric’s value is assumed to indicate this group’s activity.
If the whale transaction count is high, it indicates that the whales are transferring a large amount of money. If there is a pattern like this, it indicates that these large purchasers are actively trading the asset. The low indication, on the other hand, implies that this group isn’t paying any attention to the meme coin because none of its members are participating in any notable transactions.
The recent dip in the price of meme coins appears to have coincided with a fall in whales’ interest. Based on this trend, the statistic may be worth monitoring shortly, since any changes to it might result in a different outcome for DOGE.
If the organization does nothing for an extended period, the asset may continue to decline, but a surge may result in a rebound. Since the price of DOGE has been falling recently, investors have made less money, causing the MVRV Ratio to decrease. Since the dip, the indicator has remained below its 200-day major trend line. The analyst explains, “The previous two times this happened, prices decreased by 26% and 44%.”
Other Factors That Influence the DOGE Price
The recent collapse of the LIBRA token, a memecoin promoted by Argentine President Javier Milei, had an impact on DOGE. LIBRA’s valuation increased to $4.5 billion with Milei’s backing but subsequently fell by more than 90% following the incident.
People inside the corporation took out $107 million, while the development team took out $87 million from liquidity pools, leading to allegations of a pump-and-dump scheme. The event transpired around February 15, 2025, causing significant ripples throughout the memecoin market. When the LIBRA token fell, there was a massive selloff.
Economic pressures, such as rising Treasury bond rates and the threat of new tariffs, are also an issue. These developments have put pressure on the pricing of cryptocurrencies, such as DOGE. This has strengthened the LIBRA impact.
But there is something to look forward to. There has been continuing discussion concerning a DOGE exchange-traded fund (ETF). If an ETF acquires traction, it may attract institutional investors. This might alleviate the pressure on whales to sell. Unfortunately, the market is merely guessing right now because no official approvals or dates have been announced.
Also Read: Solana Eyes Mainstream Finance as ETF Approval Sets
*Disclaimer*: We at Bitcoinleef.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
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