19 hour ago
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Dogecoin Whale Transactions Hit Two-Month Low as Large Trades Decline
Dogecoin's recent price movement has been impacted by a significant decline in whale transactions, reaching a two-month low. This reduction in large transactions could indicate that major players are stepping back from the meme coin.
Key Points
- On-chain data from Santiment shows Dogecoin whale transactions fell to just 4 in one day, compared to 212 on October 11.
- The decrease in whale activity suggests possible scaling back or waiting for better market conditions by large holders.
- Recent data shows a slight rebound to 11 whale transactions but remains below healthy levels for sustained growth.
- Dogecoin is attempting to maintain above the $0.15 support level despite reduced whale activity.
Technical Analysis and Market Sentiment
- Dogecoin has been in its longest accumulation phase, with mostly bearish price action recently.
- A brief recovery of about 11% was observed, attributed mainly to retail trader activity rather than whale involvement.
- Lack of whale buy-side activity makes it challenging for Dogecoin to establish a strong upward trend.
- Increased whale sell orders in October led to a sharp price drop, underscoring the impact of whale activity on price movements.
