With the recent demise of Kabosu, the dog immortalised in the popular Doge meme, there has been a discernible reduction in the activity of significant participants, or “whales,” in Dogecoin (DOGE). Whale activity has significantly decreased, according to an analysis of key data.
Therefore, big DOGE transactions have decreased dramatically over the last day, down 29.69% to 6.63 billion DOGE, according to IntoTheBlock. The decrease in transactions over $100,000, from $1.56 billion to $1.12 billion, with 1,300 such transactions registered throughout the time, is particularly noteworthy.
A noticeable decrease in the amount of money coming into and going out of wallets holding at least 0.1% of DOGE’s circulating supply is another indicator of the downturn in whale activity. Withdrawals from these wallets decreased to 103.87 million coins, down 29.59% from the day before, while inflows decreased 87.52% to a meagre 59.86 million coins.
This decrease occurred at the same time as Kabosu’s owner posted on social media to notify the dog’s passing. Kabosu’s picture came to be associated with the Doge meme, which served as the impetus for the 2013 launch of Dogecoin. Dogecoin holds a significant position in the cryptocurrency industry, with a market value of $24.43 billion as of right now, and a daily trading volume close to $2 billion.
Although it is yet unclear whether Kabosu’s passing and the drop in whale activity are related, it is plausible that investor mood was impacted by the emotional connection to the cherished dog.
