Dogecoin Whales Desert Market: Nosedives 70% of transactions of $100,000

Dogecoin’s prices have been subjected to considerable downward pressure over the past week, and the latest on-chain data suggests that Meme Coin may not experience any relief anytime soon.

Dogecoin pricing overview

At the time of this writing, the Doge token is valued at around $0.246, reflecting a decrease of just 0.5 over the past 24 hours. Memecoin appears to have found some horrible support around $0.23, but it hasn’t made enough moves to secure a comeback and wipe out some of the recent losses. Coingecko’s data shows that the largest memecoin in the last seven days has reduced its value by over 25%.

However, price action data shows that Dogecoin’s struggle had not started last week as meme tokens have steadily declined since early December. Data from Santiment shows Doge’s prices have fallen almost 50% after winning a local high two months ago.

While the general market situation was not particularly positive, the memecoin sector appears to be enduring the biggest impacts of climate change. Latest on-chain data suggests that a key class of large investors may play a role in price decline.

Doge’s massive deal witnesses serious decline

In a February 8 post on X Platform, blockchain intelligence company Santiment revealed that Dogecoin whales are declining in market activity and the number of transactions has declined in recent weeks . Specifically, the on-chain analytics company highlighted changes to the two whale transaction groups. It’s a $100,000 and a $1 million transaction.

According to Santiment, the number of Doge deals (valued over $100,000) has increased by more than a third of the volume during the “Trump Pump Rhyme in Early November.” On-chain data shows that $100,000 transactions each week have fallen from 20,200 to 6,200 since November 9, 2024.

Meanwhile, Doge trading, which is $1 million per week, has plummeted more than 75%, moving from 3,490 to 850 in the past three months. As Santiment highlighted, these whale transaction metrics may need to be taken up again if Dogecoin prices recover.

In a new post from X, Crypto analyst Ali Martinez revealed that the whales have accumulated over 100 million Doge tokens in the last 24 hours. Critics say this latest round of accumulation will raise interest and confidence among large investors.