Dogecoin whales cornered – On-chain activity down

After Dogecoin (DOGE) outstripped giants like Bitcoin (BTC) and Ether (ETH) in terms of daily trading volume, it started to slow down again, according to on-chain data.

During the dogecoin price surge in 2021, there was a strange increase in the amount of transactions on the blockchain. The dollar value of DOGEs sent from wallet to wallet reached $82 billion on May 5. While this value was 35 billion dollars in Bitcoin, it was 12 billion dollars in Ethereum.

Given that Dogecoin had a daily transaction volume of as low as $ 10 million in December 2020, it was quite surprising to surpass the two best-known blockchain networks in the world. The interest in Dogecoin by Tesla CEO Elon Musk in 2021 has increased the popularity of the cryptocurrency. A similar social media support given to the shares of the game company GameStop took place on Dogecoin.

After the total trading volume in Dogecoin fell to its lowest levels in December, there was a return in May with the effect of the views that whales would show interest in Dogecoin.

Dogecoin had a daily trading volume of just under $5 billion on Wednesday. It’s a 93 percent drop from an all-time high of $82 billion recorded earlier in the month.

Meanwhile, DOGE’s average transaction value fell from $1.16 million on Sunday to less than $240,000 on Wednesday, three days later.

While Dogecoin chain activity has been in increments distributed throughout the year, marked increases in trading volume and average transaction value were seen in mid-April as traders began to strive to artificially raise the value of Dogecoin.

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