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Whales Tired Of Dogecoin? Daily Transactions Value Down 93% In Under A Month
Following their record-high activity, large Dogecoin (CRYPTO: DOGE) holders — so-called whales — finally decided to take a breather and stop moving great quantities of the cryptocurrency. What Happened: According to BitInfoCharts data, Dogecoin’s average transaction value fell sharply by nearly 80%, from a high of $1.16 million on Sunday to under $240,000 three days later. Such a high average transaction value was a clear sign that a large chunk of activity on the network was overtaken by whales. Furthermore, BitInfoCharts data also shows that the value of Dogecoin sent via on-chain transactions peaked at $82 billion on May 5, significantly higher than Bitcoin’s (CRYPTO: BTC) $35 billion and Ethereum’s (CRYPTO: ETH) $12 billion. This is a growth of nearly 350,000% compared to total daily transaction values of $10 million reported in December. Still, the situation is now apparently slowly returning to normal. See also: How to Buy Dogecoin (DOGE) This Wednesday, Dogecoin processed under $5 billion worth of daily transactions, 93% down from the all-time high. Dogecoin took everyone by surprise when it saw two-digit gains multiple times, spanning from 20% to as much as 86% within 24 hours in April, reaching a market cap higher than that of blue-chip companies such as Ford Motor (NYSE: F) and Kraft Heinz (NASDAQ: KHC). Price Action: According to CoinMarketCap data, Dogecoin’s price fell by nearly 11.5% from its 24-hour high of $0.3451 to a low of $0.3055 before settling at $0.3156 as of press time. See more from BenzingaClick here for options trades from BenzingaPolygon (MATIC) Launches Kit For Quick Ethereum-Connected Chain Deployment, Price Grows 20%Four In Ten Consumers Already Bought Crypto: Global Survey© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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