Dogecoin Market Faces Uncertainty as Whales Go Missing Post-Kabosu’s Death

The famous dog associated with the Doge meme, Kabosu, recently passed away, and at the same time, there has been a noticeable decrease in big players, or “whales,” making transactions with Dogecoin (DOGE). Analysis shows that there has been a significant drop in large transactions involving DOGE, with a decrease of 29.69% in the past 24 hours, totaling 6.63 billion DOGE. Transactions over $100,000 have gone down from $1.56 billion to $1.12 billion, with 1,300 such transactions recorded during this time.

This decrease in whale activity is also seen in a big drop in the flow of money in and out of wallets holding at least 0.1% of DOGE’s circulating supply. Money going into these wallets has dropped by 87.52% to 59.86 million coins, while money going out has decreased to 103.87 million coins, which is 29.59% less than the previous day.

Read Also: DOGE to the Moon: Dogecoin Surpasses Cardano And XRP in Key Metric

Source: IntoTheBlock

This change comes after the announcement of Kabosu’s passing by its owner on social media. Kabosu was the face of the Doge meme, which inspired the creation of Dogecoin in 2013. Dogecoin currently has a market capitalization of $24.43 billion and a daily trading volume approaching $2 billion, making it a significant player in the cryptocurrency market.

While it’s not certain that Kabosu’s passing directly caused the decrease in whale activity, the emotional connection to the beloved dog may have affected how investors feel about Dogecoin.

Read Also: Cardano (ADA) Hits Historic Milestone of 10 Million Tokens

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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.