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Significant Decline in Dogecoin Whale Activity Coincides with Kabosu's Death

27/05/2024 16:22

According to U.Today, Dogecoin (DOGE) has experienced a significant decrease in the activity of major players, also known as 'whales'. This decline coincides with the recent death of Kabosu, the dog whose image became synonymous with the Doge meme and inspired the creation of Dogecoin in 2013. Key metrics analysis reveals a substantial drop in whale activity. Large transactions involving DOGE have fallen by 29.69% to 6.63 billion DOGE in the past 24 hours, as reported by IntoTheBlock. Notably, transactions exceeding $100,000 have decreased from $1.56 billion to $1.12 billion, with 1,300 such transactions recorded during this period. The reduction in whale activity is further evidenced by a significant decrease in the inflow and outflow of funds to wallets holding at least 0.1% of DOGE's circulating supply. Inflows into these wallets have dropped by 87.52% to a modest 59.86 million coins, while outflows have decreased to 103.87 million coins, a 29.59% drop from the previous day. The decline in activity occurred around the same time as the announcement of Kabosu's death by its owner on social media. While it remains speculative to directly link Kabosu's death and the decline in whale activity, it is possible that the emotional resonance associated with the beloved dog may have influenced investor sentiment. Despite the recent decline in activity, Dogecoin maintains a significant position in the cryptocurrency market with a current market capitalization of $24.43 billion and a daily trading volume nearing $2 billion.

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