Additional analysis of Dogecoin's on-chain data indicates a shift in whale behavior as they gradually reduce their positions in the popular meme coin. The potential for further price declines for DOGE looms, particularly without strong support from major investors.

Unfortunately, recent data showcases a decline in the number of significant transactions. On June 2, only 718 transactions were recorded, a stark drop from the seven-day peak of 154,000 on May 27. This decrease in whale activity may pose a significant threat to Dogecoin's value and stability.

Moreover, the volume of large transactions tells a similar story. A peak of 8.65 billion DOGE on May 29 plummeted to 4.6 billion DOGE by June 2, signifying a substantial reduction in trading volume.

Historically influential large investors, crucial for shaping sentiment-driven cryptocurrencies' prices, are displaying diminishing interest, as evidenced by these decreasing metrics. The implications of these on-chain measurements are visible in the DOGE/USDT chart, where the price struggles to remain above key moving averages.

Additionally, the Relative Strength Index (RSI) hovers around 50, indicating a lack of momentum and potential for a volatility surge in Dogecoin. The current subdued trading volume further raises concerns about the coin's future price stability and the possibility of a significant price drop.

In conclusion, Dogecoin's on-chain data analysis underscores a trend of diminishing whale activity and fading investor interest, which could lead to increased price volatility and a precarious market environment for the beloved meme coin.