Are Dogecoin Whales Leaving The Meme Coin? Large Transactions Crash To 2-Month Lows
Overview
Dogecoin has experienced a significant decline in whale transactions, reaching a level not seen in two months. This drop in activity from large holders raises concerns about the future interest of big investors in the meme coin, coinciding with the cryptocurrency’s struggle to maintain its price above a critical support level.
Whale Activity Decline
Recent data from the on-chain analytics platform Santiment indicates that large transactions on the Dogecoin blockchain have fallen to as low as four in a single day. This marks a two-month low in whale participation, which Santiment defines as transactions valued at $1 million or greater. This reduction is a stark contrast to the higher activity levels observed in October and early November, where whale transactions peaked at 212 on October 11.
The declining whale activity reflects a broader trend of reduced engagement from large holders, suggesting that major investors may be waiting for more favorable market conditions or are scaling back their exposure to Dogecoin. At the time of this report, Santiment noted there were 11 whale transactions in the past 24 hours, a slight rebound from the four-transaction low, yet still significantly below the healthy transaction levels typically expected for a cryptocurrency reliant on sentiment-driven trading.
Price Action and Market Sentiment
Dogecoin’s price has been under pressure, with recent weeks characterized by bearish trends. Currently, the meme coin is undergoing its longest accumulation phase since its inception. Despite a recent bounce from $0.134 to approximately $0.15, this recovery appears to be driven primarily by retail traders, rather than a resurgence of whale activity. This observation aligns with the lack of significant inflows into Spot Dogecoin ETFs and the overall quietness from major holders.
The absence of whale participation on the buy side poses challenges for Dogecoin’s ability to establish a robust upward trend. While the presence of whales is critical, the nature of their trading activities also plays a crucial role in influencing market dynamics.
Impact on the crypto market
- The decline in whale transactions indicates a potential decrease in institutional interest in Dogecoin.
- A significant drop in whale activity could lead to increased volatility and uncertainty in Dogecoin’s price movement.
- The current accumulation phase may hinder the potential for a strong price recovery without whale participation.
- Retail trading may not be sufficient to sustain upward momentum in Dogecoin’s price.
- The overall market sentiment may be negatively impacted by the lack of engagement from major holders, affecting investor confidence.
Updated: 12/3/2025, 12:52:33 PM
