Dogecoin Whales Vanish: Large Transactions Drop By 88%

As pointed out by analyst Ali Martinez in a new post on X, the Whale Transaction Count has declined for Dogecoin recently. The “Whale Transaction Count” here refers to an indicator created by the on-chain analytics firm Santiment that keeps track of the total number of DOGE transfers carrying a value of more than $1 million.

Generally, only the whale entities are capable of making single-transaction moves this large, so the metric’s value is assumed to correlate to the activity of this cohort.

When the value of the Whale Transaction Count is high, it means the whales are making a large number of transfers. Such a trend suggests these humongous investors have an active interest in trading the asset. On the other hand, the indicator being low implies this group may not be paying much attention to the meme coin as its members aren’t participating in any notable transaction activity.