Dogecoin Whale Activity Plunges as Market Cap Drops 49% – What’s Next?

Dogecoin Whale Transactions Dry Up

Dogecoin's whale transactions have plummeted to less than a third of their early November levels, indicating reduced activity among large holders.

Impact on Price

Dogecoin's price has been trending downward, consolidating between key moving averages. The current market uncertainty may result in further consolidation or potential downside.

Whale Accumulation

Analysts recommend monitoring whale transactions for signs of accumulation. Significant buying activity by whales could signal a potential price rebound in the coming weeks.

Data Analysis

According to Santiment, weekly Dogecoin transactions exceeding $100,000 have fallen from 20,200 to 6,200. Transactions over $1 million have also declined from 3,490 to 850.

Technical Indicators

Dogecoin's RSI remains near 30, suggesting possible price consolidation. A break above $0.30 could indicate a relief rally, while a retest of the $0.20 support level is also possible.

Ecosystem Developments

Anticipation is growing within the Dogecoin community regarding upcoming announcements from the Dogecoin Foundation. These developments could impact investor sentiment and potentially influence Dogecoin's price trajectory.