Dogecoin whale activity slows down as billions of dollars depart blockchain


After a flurry of activity that saw Dogecoin (DOGE) briefly process a higher dollar value of daily transactions than Bitcoin (BTC) and Ether (ETH) combined, the surge seen on the Dogecoin blockchain appears to be slowing down.Dogecoin’s price increase throughout 2021 has been accompanied by an equally outlandish increase to the value of transactions taking place on its blockchain. The dollar value of DOGE sent from wallet to wallet peaked at $82 billion on May 5, exceeding the $35 billion recorded on Bitcoin and $12 billion on Ethereum. Outdoing the two most well-known blockchains in the world is all the more astonishing, given that Dogecoin handled daily totals as low as $10 million as recently as December 2020. New eyes were brought to Dogecoin in 2021 by Tesla CEO Elon Musk and by the concentrated efforts of social media traders intent on pumping Dogecoin in a manner similar to the shares of gaming retailer GameStop.And while general activity on Dogecoin remains well above December lows, a substantial reversal was witnessed in May, which suggests whales might be tiring of Dogecoin. Dogecoin processed just under $5 billion worth of daily transactions on Wednesday, marking a 93% decrease from the $82-billion all-time high recorded earlier in the month. Meanwhile, DOGE’s average transaction value fell sharply from $1.16 million on Sunday to under $240,000 three days later on Wednesday — a drop of almost 80%. The coin’s oversized average transaction value has persisted for much of the past month despite arriving via a much smaller sample size — a sign that Dogecoin was primarily being used by large account holders.Although the ramping up of activity on the Dogecoin blockchain occurred in spikes scattered throughout the year to date, marked increases to the two metrics mentioned above were witnessed in mid-April as traders began making efforts to artificially pump the value of Dogecoin in the lead up to 4/20 day. The subsequent short-fall in network activity accompanied a 63% drop in the Dogecoin price throughout most of May as it fell from its recent all-time high of $0.73.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,958.22
ethereum
Ethereum (ETH) $ 1,873.59
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 305.32
usd-coin
USD Coin (USDC) $ 0.999390
xrp
XRP (XRP) $ 0.509681
staked-ether
Lido Staked Ether (STETH) $ 1,871.61
cardano
Cardano (ADA) $ 0.366796
dogecoin
Dogecoin (DOGE) $ 0.072109
matic-network
Polygon (MATIC) $ 0.895621
solana
Solana (SOL) $ 20.76
litecoin
Litecoin (LTC) $ 95.04
tron
TRON (TRX) $ 0.075250
polkadot
Polkadot (DOT) $ 5.24
binance-usd
Binance USD (BUSD) $ 0.999338
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.23
dai
Dai (DAI) $ 0.999772
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,010.24
uniswap
Uniswap (UNI) $ 5.02
leo-token
LEO Token (LEO) $ 3.59
chainlink
Chainlink (LINK) $ 6.40
cosmos
Cosmos Hub (ATOM) $ 10.38
okb
OKB (OKB) $ 45.90
monero
Monero (XMR) $ 148.49
the-open-network
Toncoin (TON) $ 1.79
ethereum-classic
Ethereum Classic (ETC) $ 17.89
stellar
Stellar (XLM) $ 0.091642
bitcoin-cash
Bitcoin Cash (BCH) $ 113.35
internet-computer
Internet Computer (ICP) $ 4.72
true-usd
TrueUSD (TUSD) $ 0.999427
filecoin
Filecoin (FIL) $ 4.73
lido-dao
Lido DAO (LDO) $ 2.09
aptos
Aptos (APT) $ 8.57
quant-network
Quant (QNT) $ 115.31
hedera-hashgraph
Hedera (HBAR) $ 0.051059
crypto-com-chain
Cronos (CRO) $ 0.058924
arbitrum
Arbitrum (ARB) $ 1.16
vechain
VeChain (VET) $ 0.020044
near
NEAR Protocol (NEAR) $ 1.57
the-graph
The Graph (GRT) $ 0.131438
apecoin
ApeCoin (APE) $ 3.11
algorand
Algorand (ALGO) $ 0.148779
the-sandbox
The Sandbox (SAND) $ 0.565643
paxos-standard
Pax Dollar (USDP) $ 0.999101
frax
Frax (FRAX) $ 0.999463
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.891713
rocket-pool
Rocket Pool (RPL) $ 48.99
elrond-erd-2
MultiversX (EGLD) $ 36.96