CandleFocus Dogecoin (DOGE) Whales Run out of Patience: Details
2024-10-08
Author: Content Editor
Large holders of Dogecoin are becoming impatient with the cryptocurrency, as indicated by increased outflows from wallets holding at least 0.1% of DOGE's circulating supply. On-chain data shows that the volume of large transactions in Dogecoin increased by nearly a billion tokens in a day, but detailed data reveals that outflows surpassed inflows. This could indicate that major investors have a negative sentiment towards Dogecoin. The failed breakout in DOGE's price may have contributed to this sentiment, as the cryptocurrency experienced a brief spike but then plunged, almost erasing the gains. As a result, the net flow to whale wallets turned negative in the last day.
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