- Dogecoin’s $1 million whale transaction was its highest level since November.
- The demand for memecoin was almost non-existent.
Dogecoin [DOGE] Transactions in the $1 million or more region unsurprisingly surpassed the $1 million mark for the first time since December 2022. According to Santiment, DOGE’s whale transactions around the aforementioned amount stood at 37 at the time of writing.
Read DogeCoin’s [DOGE] Price Prediction 2023-24
These are deep-pocket financiers. found DOGE tempting enough After the memcoin, things have remained awfully bad since 30 November. However, that was not all that rocked DOGE.
Transactions within the $100,000 range also spiked up to 179, just like the seven-figure transactions. However, there were many transactions that whales made before the latest update.
Believers are still not exceptional
This was in response to a decrease in positive sentiment. The whales may have had an upside but Santiment revealed that investors doubted the idea and the positive sentiment fell to 357.
However, this decrease was not enough to cause a spike in the negative. If you take a look at the report of the on-chain platform, DOGE’s negative sentiment slivered to 234.
The aforementioned information, thus, implied that Dogecoin investors’ opinions ranged on a more neutral threshold. Therefore, feedback regarding the memecoin was still unresolved.
The Moreover, conversation centered around the coin’s potential to become Twitter’s official payment network had dwindled. The DOGE community was left skeptical after the micro-blogging platform did not disclose its plans for payments.
Upon further investigation, Dogecoin’s 24-hour active addresses maintained It stayed for approximately 100,000. As of press time, 114,000 active addresses were available. It was a slight increase over the previous day which suggested that investor participation was comparable to the level of distinct DOGE transactions.
Dogecoin recovered its earlier decline by averaging 1.3 billion in one-day circulation. The DOGE currency was lit up at 1.3 billion. This meant that DOGE could be exchanged five or more times in the 24 hours since it was launched.
Dogecoin is losing its gains
The DOGE was the only source of short-term uncertainty. This uncertainty was further demonstrated by the 30-day Market value to realized value (MVRV), ratio. The MVRV ratio shows that realized losses were occurring in portfolios already depleted.
It indicated that investors who purchased DOGE after 27/11/2015 and stayed put must have seen a reversal of profits. It meant that large portions of the supply failed to break even. There was a very small amount of unrealized profit and weak demand.