It’s been a while since Dogecoin influencers, particularly Musk, mentioned anything major to promote the coin. It appears that Musk is more focused on the other D.O.G.E and has forgotten about this DOGE. Musk is not the only person who has abandoned dogecoin, the whales have vanished. On-chain data suggests that huge Dogecoin transactions have dropped sharply. This indicates that whales are no longer active on the network. However, a huge Dogecoin trade sparked a lot of attention in the crypto market. A whale sent 100 million DOGE to Binance, which is about $25.42 million. Due to this movement, the price of DOGE has gone down, which has made smaller investors move. The coin is currently trading at $ 0.2264. A drop to the lowest levels since early November. The past three months have traders wondering: Will Dogecoin crash? Dogecoin whale activity In November, the Dogecoin Whale Transaction Count shot up to a high level. This meant that the whales were doing a lot of work on the network. On the other hand, the indicator has been going down since the peak in the middle of November. Last week, only 25 trades from whales were recorded on the blockchain. This is almost 88% less than the high point. DOGE whale transaction count chart. Source: X The “Whale Transaction Count” here refers to an indicator created by the on-chain analytics firm Santiment that keeps track of the total number of DOGE transfers carrying a value of more than $1 million. In general, only whale entities can make one-transaction changes this big, so the value of the metric is thought to reflect the activity of this group. If the Whale Transaction Count figure is high, it means that the whales are sending a lot of money. If there is a trend like this, it means that these huge buyers are actively trading the asset. The low indicator, on the other hand, suggests that this group might not be giving much attention to the meme coin since its members aren’t involved in any transactions that stand out. In addition, Dogecoin has seen a death cross between the MVRV Ratio and its 200-day moving average (MA). It looks like the recent drop in the price of meme coins has happened at the same time that whales’ interest has decreased. Based on this pattern, the metric might be something to keep an eye on soon, since any changes to it could mean a different result for DOGE. Obviously, if the group doesn’t do anything for a long time, it could mean more down trend for the asset, while a surge could lead to a recovery. Since the price of DOGE has been going down lately, investors have been making less money, which has caused the MVRV Ratio to drop. Since this drop, the indicator has been below its 200-day major trend line. The expert says, “The last two times this happened, prices dropped 26% and 44%.” Other influences that are impacting the DOGE pricing The recent failure of the LIBRA token, a memecoin pushed by Argentine President Javier Milei, has had an influence on DOGE. LIBRA’s value rose to $4.5 billion after Milei’s support, but then it dropped by over 90% after the event. People inside the company took out $107 million, and the development team took out $87 million from liquidity pools, which led to claims for a pump-and-dump plan. This failure around February 15, 2025, has sent shockwaves through the memecoin market. When the LIBRA token crashed, there was a huge sell-off. Top meme coins by market cap. Source: CoinMarketCap Pressures on the economy as a whole, like rising Treasury bond yields and the possibility of new tariffs, are also issues. These things have put pressure on the prices of crypto coins, like DOGE. This has made the LIBRA effect stronger. However, there is something to look forward to. There has been an ongoing talk about a possible DOGE exchange-traded fund (ETF). If an ETF gains steam, it might attract institutional investors. This could counteract the pressure on whales to sell. Unfortunately, the market is only guessing right now because no official approvals or dates have been given. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
