According to the crypto analytics company IntoTheBlock, Dogecoin (DOGE) whales have moved more than $654.7 million worth of DOGE in the last seven days alone.
According to IntoTheBlock, transactions worth more than $100,000 moved $654.78 million worth of DOGE, which is a sign of whale trading.
The business also points out that 54% of Dogecoin investors are already profitable.
At of this writing, DOGE is trading at $0.0738. The market capitalization-ranked tenth-ranked cryptocurrency has fallen more than 2.2% over the last day and more than 9.4% over the last seven days.
Dogecoin has increased by around 5% since the beginning of 2023, but it has lost about 90% of its value since reaching an all-time high of more than $0.731 in May 2021.
According to IntoTheBlock, the main memecoin competitor to DOGE, Shiba Inu (SHIB), saw $221.18 million in transactions last week that cost more than $100,000.
Just 31% of SHIB investors are now generating money on their investments, which is much lower than DOGE holders' typical returns.