Dogecoin: large addresses buy 600 million DOGE while daily turnover halves: why the price is still falling

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Between October 12 and October 16, around 600 million DOGE moved onto large addresses according to Santiment data, while the price lost 8.6 percent in seven days. Daily turnover collapsed by almost half at the same time, and that is what decides whether buying on this scale moves anything at all.Dogecoin trades at $0.0791, or €0.0705, on Monday midday, and that is despite a wave of buying by large addresses. Between October 12 and October 16, around 600 million DOGE moved onto addresses with large holdings, according to data from the analytics house Santiment. Over the same period the price did not gain: it lost 8.6 percent on a seven-day view. The explanation lies not in the buying but on the other side of the order book. Daily turnover has fallen to around $590 million, a drop of 49 percent within a day according to CoinMarketCap figures, which U.Today put down on Monday to quiet weekend trading. If you buy or sell Dogecoin today, you meet a thinner book than two weeks ago, an...