Whales Tired Of Dogecoin? Daily Transactions Value Down 93% In Under A Month

Following their record-high activity, large Dogecoin DOGE/USD 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 BTC/USD $35 billion and Ethereum's ETH/USD $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 F and Kraft Heinz 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.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyFintechNewsMarketsTrading IdeasBitcoinBlockchaindogecoinElon MuskEthereum
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!