Dogecoin whale activity slows down as billions of dollars depart blockchain

Dogecoin whale activity slows down as billions of dollars depart blockchain


After a flurry of activity that saw Dogecoin (DOGE) briefly process a higher dollar value of daily transactions than Bitcoin (BTC) and Ether (ETH) combined, the surge seen on the Dogecoin blockchain appears to be slowing down.

Dogecoin’s price increase throughout 2021 has been accompanied by an equally outlandish increase to the value of transactions taking place on its blockchain. The dollar value of DOGE sent from wallet to wallet peaked at $82 billion on May 5, exceeding the $35 billion recorded on Bitcoin and $12 billion on Ethereum.

Outdoing the two most well-known blockchains in the world is all the more astonishing, given that Dogecoin handled daily totals as low as $10 million as recently as December 2020. New eyes were brought to Dogecoin in 2021 by Tesla CEO Elon Musk and by the concentrated efforts of social media traders intent on pumping Dogecoin in a manner similar to the shares of gaming retailer GameStop.

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And while general activity on Dogecoin remains well

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