On-chain data shows the Dogecoin volume and whale activity have plummeted recently, a possible indication that investors no longer have interest in the memecoin.
Dogecoin Transaction Volume And Whale Transaction Count Have Declined
As pointed out by analyst Ali in a new post on X, DOGE trading activity has become lower recently. There are two on-chain metrics of relevance here: the Transaction Volume and Whale Transaction Count.
The former keeps track of the total amount of Dogecoin (in USD) involved in daily transaction activity on the network. A high value of this metric usually suggests that trading interest in the asset is high right now.
On the other hand, the low metric implies not many traders are paying attention to the memecoin currently as little