Unsettling trends have been noticed in the background of the well-known meme cryptocurrency Dogecoin (DOGE). Whales have dramatically decreased their on-chain activity since the beginning of September, based on IntoTheBlock’s metrics tracking inflows and withdrawals to the wallets of major investors—those owning at least 0.1% of the circulating supply of DOGE.
Specifically, the inflows have dropped by 87.81%, from 229.49 million to 27.96 million DOGE each day. Regarding withdrawals, the data shows that significant investors’ wallet withdrawals decreased by 80.7%, from 181.29 million tokens to 17.42 million DOGE.
Because of this, there has been a net flow of 10.54 million DOGE into whale wallets—four times less than the previous day.
It’s interesting to see that right before September, Whale activity in Dogecoin decreased. As many of you may be aware, September is frequently a difficult month for cryptocurrencies because of a combination of market and seasonal reasons.
DOGE’s September
Historically, as investors return from summer vacations and reevaluate their portfolios, this month shows worse performance across financial assets, which frequently results in profit taking and selling pressure.
However, September has always been a profitable month for DOGE; for instance, the meme cryptocurrency has historically had an average profitability of 11.3%. For instance, this number is set to -6.21% for Bitcoin.
It’s unclear what the next 30 days hold for Dogecoin and whether the top players are becoming less active. But there’s no denying that big players will be interested if DOGE exhibits any significant price movement.
