Dogecoin (DOGE), the well-known meme cryptocurrency, has lost a lot of “whales,” or big buyers, who use the network.
IntoTheBlock data shows that since the beginning of September, a lot less money has been coming into and going out of the wallets of these significant buyers. Each of them holds at least 0.1% of the DOGE in circulation.
Dogecoin Whale Inflows Plummet
The facts tell a very clear story. The amount of DOGE that enters whale pockets daily has dramatically decreased by 87.81%, from 229.49 million to just 27.96 million. Also, money leaving the system has dropped sharply, by 80.7%, from 181.29 million DOGE to 17.42 million coins.
Consequently, whale wallets have only received 10.54 million DOGE, a four-fold decrease from the previous day. This decline in whale behavior occurs at a very interesting time. September is usually a tough month for coins because of the weather and the market, which makes people more likely to sell.
In the past, financial assets, like cryptocurrencies, have done worse in September, when investors get back from summer holidays and look over their portfolios again. As a result, people usually take their profits and put their money into less risky investments.
Dogecoin hasn’t always gone in this direction, though. This September, DOGE has made 11.3%, while Bitcoin has lost 6.21%. When whales don’t do as much, it makes people wonder what will happen to Dogecoin in 30 days.
Whether this is the start of a bigger drop is unclear, but the lack of whales may reduce price volatility. However, if Dogecoin prices change significantly this month, whales will likely buy or sell.
