The digital currency ecosystem is experiencing a slight gain retraction after Bitcoin (BTC) failed to meet up to expectations following the introduction of spot Bitcoin Exchange Traded Fund (ETF) products. Bears of Dogecoin (DOGE), which has dropped 1.80% to $0.08479. in the last day, are profiting from this downward price trend.
When one considers that trade volume has fallen by 27% to $609,330,772, this decline becomes much more alarming.
Dogecoin’s price decline may be attributed, at most, to network whales losing their critical traction. With only over $1.3 billion exchanged in the last day, Dogecoin’s massive transaction volume has decreased by 5.89%, according to data from the cryptocurrency monitoring portal IntoTheBlock (ITB).
The departure of whales from the Dogecoin ecosystem is peculiar because big purchasers nevertheless consider the coin to be among their top digital currencies.
Zooming in, the data reveals that as of January 11, there were 1,420 significant transactions overall, up from 920 on January 9. Despite this increase, the volume decreased over night, coming down from the $1.38 billion it was trading at on January 10 to the present level.
Boosting Dogecoin price with bull’s return
As of right now, the market attitude is not supportive of a single digital currency significant price breakthrough. Because Dogecoin has a history of printing solo rides during brief breakouts from its correlations with Bitcoin, the return of its whales might potentially lead to a reversal in the joke coin.
The Doge-1 rocket mission to the moon is still an exciting development in the Dogecoin ecosystem, but beyond the roles that whales may play, the top meme coin doesn’t have enough foundations. In the days and weeks ahead, it will be interesting to observe if significant purchasers are sufficiently motivated to set off on an aggressive buying route.
