As billions of dollars leave the blockchain, Dogecoin whale activity slows

After seeing a series of Dogecoin activities (dog) Simply handle the higher dollar value of daily transactions than Bitcoin (Bitcoin) And ether (ETH) Taken together, the surge on the Dogecoin blockchain seems to be slowing down.

Dogecoin’s price increase throughout 2021 was accompanied by an equally strange increase in the value of transactions that occurred on its blockchain.This Dollar value On May 5, DOGE sent between wallets reached a peak of US$82 billion, exceeding the US$35 billion recorded by Bitcoin and US$12 billion recorded by Ethereum.

Given that the total daily transactions processed by Dogecoin in December 2020 are as low as 10 million U.S. dollars, it is even more surprising to surpass the two most famous blockchains in the world.Tesla CEO Elon Musk brings a new look to Dogecoin in 2021. The concentrated efforts of social media traders aim to extract Dogecoin in a manner similar to the stocks of gaming retailers. Game stop.

Although the overall activity of Dogecoin is still much higher than the lows in December, there was a sharp reversal in May, which suggests that the whales may be tired of Dogecoin.

On Wednesday, Dogecoin processed slightly less than $5 billion in transactions per day, a 93% reduction from the all-time high of $82 billion set earlier this month.

At the same time, DOGE’s Average transaction value Three days later, on Wednesday, it fell sharply from US$1.16 million on Sunday to below US$240,000—a drop of nearly 80%.Although the sample size is much smaller, the large average transaction value of the token has persisted for most of the past month-indicating that Dogecoin is mainly used Large account holders.

Although there has been a surge in activity on the Dogecoin blockchain so far, there has been a decentralized peak throughout the year, but as traders began to work hard to artificially increase the value of Dogecoin, mid-April witnessed the above two Significant increase of the indicators to 4/20 days.

The subsequent shortage of network activity was accompanied by a 63% drop in the Dogecoin price for most of May as it fell from its recent all-time high of $0.73.