Following their record-high activity, large Dogecoin (CRYPTO: DOGE) holders — so-called whales — finally decided to take a breather and stop moving great quantities of the cryptocurrency.
What Happened: According to BitInfoCharts data, Dogecoin’s average transaction value fell sharply by nearly 80%, from a high of $1.16 million on Sunday to under $240,000 three days later.
Such a high average transaction value was a clear sign that a large chunk of activity on the network was overtaken by whales.
Furthermore, BitInfoCharts data also shows that the value of Dogecoin sent via on-chain transactions peaked at $82 billion on May 5, significantly higher than Bitcoin’s (CRYPTO: BTC) $35 billion and Ethereum’s (CRYPTO: ETH) $12 billion.
This is a growth of nearly 350,000% compared to total daily transaction values of $10 million reported in December.
Still, the situation is now apparently slowly returning to normal.
This Wednesday, Dogecoin processed under $5 billion worth of daily transactions, 93% down from the all-time high.
Dogecoin took everyone by surprise when it saw two-digit gains multiple times, spanning from 20% to as much as 86% within 24 hours in April, reaching a market cap higher than that of blue-chip companies such as Ford Motor (NYSE: F) and Kraft Heinz (NASDAQ: KHC).
Price Action: According to CoinMarketCap data, Dogecoin’s price fell by nearly 11.5% from its 24-hour high of $0.3451 to a low of $0.3055 before settling at $0.3156 as of press time.