• Dogecoin fell down from highs to lows worth 18% , still whales are active.
  • Everyday whale transactions increased to 1,203, with 7 months high value transactions, more than $100,000 recorded on September 28.
  • The number of active addresses rose to 63,689 in three days – the highest since early April – even as the price declined.

Dogecoin, arguably the most popular meme coin in the cryptocurrency market, has pulled back by 18% from its Saturday high. Still, the obtained price correction, points to the fact that whale activity in the Dogecoin network is still quite active. This has aroused people’s doubts about whether the long bull market trend has ended, while large investors are still making massive transactions.

Increased Whale Transactions and Active Addresses

Dogecoin was involved in recent activity at the rate of 7 months high and the transaction rate of 4 months high by whale. Greater volumes of ‘whale’ transactions, where such daily transfers exceed $100,000 worth of DOGE, were observed before the latest price high.

🐶 Dogecoin has retraced -18% from its top back on Saturday. But on-chain activity indicates that whales may not be done with all the bullish momentum of crypto's top meme coin. Though they took profit just before the top, their activity remains very high on DOGE's network. pic.twitter.com/FsmWJGkSE6

— Santiment (@santimentfeed) October 2, 2024

On September 28 activity exceeded even mid May level – 1, whale transactions occurred during the specified day. The increase in this activity may mean that these large investors are simply watching the asset, even after taking gains.

Largest Transfer with Whales Not Quite Finished 

Besides whales increasing the ratio of their transaction amount, the number of active addresses also increased the transfer of coins. The movement activity reached 63,689 Doge addresses transferring coins during a three day span, the busiest since early April. By this way, active addresses on the Dogecoin network are showing that engagement increases though retail traders seem to be exiting during the price drop.

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Due to the relentless whales’ activity on the network, it is crucial to understand that even large investors are not exiting Dogecoin entirely because of the price drop. Some whales cashed out before the top, but active participation means they believe in Dogecoin in the long term. As far as the traders are concerned this constant whale action could act as a signal of another leg up.

The two mentioned activities, the elevated address activity, and whale transactions predict higher fluctuations in the price of Dogecoin. While this remains the case, all investors will most probably continue to focus on whales and all other significant actors within the market.

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