Although whales profited before Dogecoin peaked, on-chain activity remained high

Changes in the macroeconomic environment may also have an impact on Dogecoin's on-chain activity. For example, factors such as inflation, monetary policy, and geopolitical tensions may lead investors to seek safe-haven assets or high-risk, high-return investment opportunities. As a cryptocurrency with certain special characteristics, Dogecoin may attract more investors to participate in a specific macroeconomic environment.