Significant shifts have been observed in the Dogecoin (DOGE) market as September arrives. Data from IntoTheBlock reveals that large investors, or "whales" who hold at least 0.1% of DOGE’s circulating supply, have drastically reduced their on-chain activity since the start of the month.
Specifically, daily inflows into whale wallets have plummeted from 229.49 million to 27.96 million DOGE, an 87.81% drop. Outflows have also decreased sharply, from 181.29 million to 17.42 million DOGE daily, marking an 80.7% decline.
Consequently, the net flow of Dogecoin into whale wallets has shrunk to 10.54 million DOGE, a figure four times lower than the previous day.
Interestingly, this reduction in whale activity began just before September, a month known for its challenges in the cryptocurrency market due to seasonal and market factors. Despite these challenges, DOGE has historically performed well in September, with an average profitability of 11.3%, compared to Bitcoin’s -6.21%.
What lies ahead for Dogecoin over the next 30 days remains uncertain. However, if there are any significant price movements, it's likely that the whales will play a key role.
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