The data on the series shows that the large DOGECOIN transactions have witnessed a sharp decline recently, a sign that the whales are no longer active on the network.
The activity of the Docain whale has decreased since mid -November
The analyst Ali Martinez also indicated in Jadid mail In X, the number of whale transactions for Dogecoin recently decreased. “The number of whale transactions” here refers to an indicator created by the Santime series, which tracks the total number of DOGE transfers that bear a value of more than one million dollars.
In general, whale entities are able to achieve this large transportation movements, so it is assumed that the value of the scale is associated with the activity of this regiment.
When the value of the number of whale transactions is high, this means that the whales make a large number of transfers. This trend indicates that these fragile investors have an active interest in the trading of asset. On the other hand, the low indicator means that this group may not pay great attention to Meme because its members do not participate in any remarkable transactions activity.
Now, here is a scheme that shows the trend in the number of whale transactions for Dogecoin in the past few months:
Looks like the value of the metric has been heading down since a while now | Source: @ali_charts on X
As visible in the graph above, the number of Dogecoin whale transactions rose to a high level in November, which means that the network was receiving a large amount of whale activity.
Since the peak in mid -November, though, the indicator has been following a generally landmark. Today, Blockchain 25 is witnessing only daily whale transactions, which represents a decrease of approximately 88 % compared to the rise.
It is clear that the last recession in the price of Mimi coin coincided with this slowdown in the interest of the whale. Looking at this style, the scale can be watched in the near future, because any changes in it may mean a new result of DOGE. Of course, the long lack of activity from the group may mean a further decline on the original, while the increase can lead to a gathering.
The number of low -whale transactions is not the only bad sign that Dogecoin has seen, as Martinez explained in another x mail The cryptocurrency has witnessed an intersection of the death of the MVRV and its moving medium for 200 days (MA).
The metrics appear to have seen a crossover in recent days | Source: @ali_charts on X
The percentage of the market value of the achieved value (MVRV) here is a scale on the chain that mainly tells us about the state of profit loss for Dogoin investors. As Dog's price has recently decreased, the investor profit has decreased, which led to a decrease in the MVRV percentage.
With this decrease, the index went under the Master of 200 days. “At the last time this happened, prices decreased by 26 % and 44 %,” the analyst notes.
Dog's price
At the time of this report, Dogecoin is traded by about $ 0.264, an increase of approximately 6 % in the past seven days.
The price of the coin seems to have gone down over the last couple of days | Source: DOGEUSDT on TradingView
Distinctive image from Dall-E, Santiment.net, Chart from TradingView.com
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