The largest memecoin, Dogecoin 
$0.13599 (DOGE), experienced an 18% decline from its peak last Saturday. However, according to on-chain data compiled by Santiment, the upward momentum among whales for this altcoin is not over yet. Despite large investors taking profit just before the peak, their activities on the network remain significantly high.
Whale Transactions and Wallet Activity Reach Record Levels
Recently, there has been a substantial increase in wallet addresses on the Dogecoin network, with on-chain activity reaching its highest level in seven months. Additionally, whales conducting transactions over $100,000 make up a significant portion of this activity. This intense involvement indicates that despite the recent price drop, whales have not fully withdrawn from this altcoin.
Recent data shows that 63,689 active wallet addresses on the Dogecoin network conducted numerous transfers within three days. This corresponds to the highest wallet address activity seen for DOGE since April. Furthermore, 1,203 whale transactions took place immediately before the price peak on September 28, marking the highest whale activity since late May.
Despite the recent pullback in Dogecoin’s price, the intense activity from whales is viewed as a significant indicator of future price movements. Generally, fluctuations among large investors are critical factors affecting market trends, which may also apply to Dogecoin.
Current Status of DOGE
At the time of writing, the main net asset of the Dogecoin network, DOGE coin, is trading at $0.1082, reflecting an 8.64% decline in the last 24 hours. Data reveal that the altcoin’s trading volume increased by 42.59% during the same period, reaching $1.31 billion.
