Dogecoin (DOGE) Whales Disappear By September
Worrying developments have been observed behind the scenes of the popular meme cryptocurrency Dogecoin (DOGE). According to IntoTheBlock metrics that track inflows and outflows to the wallets of large investors, i.e. those who own at least 0.1% of the circulating supply of DOGE, whales have significantly reduced their on-chain activity since the beginning of September.
In particular, inflows decreased from 229.49 million to 27.96 million DOGE per day, a decrease of 87.81%. As for outflows, the statistics are as follows - outflows from major investor wallets decreased to 17.42 million DOGE from 181.29 million tokens, or 80.7%.
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As a result, the net inflow of Dogecoin to whale wallets amounted to 10.54 million DOGE, which is four times less than the previous day.
Source: IntoTheBlock
Interestingly, whale activity in Dogecoin dropped just before September. As many may know, September is often a tough month for cryptocurrencies due to a combination of seasonal and market factors.
September Dodge
Historically, this month has seen weaker performance across financial assets as investors return from summer holidays and reassess their portfolios, often leading to profit-taking and selling pressure.
On the other hand, September has historically been a positive month for DOGE, for example, the average profitability of the meme cryptocurrency over its history is 11.3%. For Bitcoin, for example, this figure is set at -6.21%.
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What lies ahead for Dogecoin in the next 30 days and whether this is a decline in major player activity remains an open question. However, there is no doubt that if DOGE shows any significant price movement, there will be major players involved.
