Dogecoin Price Faces Pressure as Whale Transactions Drop Significantly
The price of Dogecoin continues to decline, currently valued at approximately $0.246, reflecting a 0.5% drop in the past 24 hours and over 25% loss in the last week. Support is observed around $0.23, but there has been insufficient upward movement.
Key Points
- Dogecoin’s price has decreased nearly 50% since reaching $0.47 in early December.
- Large investors are becoming less active, contributing to downward pressure on prices.
- Transactions worth over $100,000 have declined by almost 70%, from 20,200 to 6,200 since November 2024.
- Transactions over $1 million have dropped over 75%, from 3,490 to 850 in three months.
- Despite recent declines, over 100 million DOGE tokens were accumulated by whales in the past 24 hours, suggesting renewed interest among large investors.
