Dogecoin Balloon Exploding: Transaction Value Has Dropped By 93%, The Whales Holding The Most Fear | Smart Globies

Dogecoin Balloon Exploding: Transaction Value Has Dropped By 93%, The Whales Holding The Most Fear

Dogecoin Balloon Exploding: Transaction value has dropped by 93%, the 'whales' holding the most fear

The Dogecoin bubble seems to have burst.

According to BitInfoCharts data, Dogecoin's average transaction value plummeted nearly 80% from last Sunday's high of $1.16 million to less than $240,000 three days later.

Such a sharp drop in daily transaction value is a sign that the Dogecoin fever is gradually cooling down and a large amount of this digital currency is being held by "whales".
Furthermore, BitInfoChart data shows that the total value of Dogecoin's on-chain transactions (made on the blockchain platform) peaked at $82 billion on May 5, which is higher than $35 billion of Bitcoin and $12 billion of Ethereum.

However, the current situation shows that the growth rate is slowing down.

On Wednesday, Dogecoin hit $5 billion in daily trading value, down 93% from its peak.
Dogecoin surprised everyone by continuously witnessing double-digit growth, from 20% to 86% in just 24 hours on an April day. At that time, Dogecoin's market value was already large than some public companies like Ford and Kraft Heinz.

According to CoinMarketCap data, the price of Dogecoin is currently at $0.3055.

Who wins, who loses?

Dogecoin has been through a very wild journey. Starting at 0.5 cents, those who bought and held for a few months certainly made money. But there are probably a lot of people who bought at the highs when the price hit around 73 cents on May 8 and are now worried.

Dogecoin was created by engineers Billy Markus and Jackson Palmer in December 2013 to prove the worthlessness of cryptocurrencies. This satirical cryptocurrency uses a mock-up of the famous Japanese Shiba Inu dog as its symbol.

Initially, this meme went viral on the Internet in the early 2010s, creating a fever at both the US Comic Sans comic fair and appearing a lot in 9gag's photo manipulation culture.

The original photo was taken on February 23, 2010 by the dog's owner, a preschool teacher named Atsuko Sato. Ms. Sato started blogging 8 months ago to update daily information about her pet dog, named Kabosu.

The name is named after a large round Japanese lemon variety. The female dog Shiba Inu was adopted by her at a dog shelter that closed in 2008 surrounded by many Kabosu lemon trees.

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