Dogecoin’s whales go missing – Is the memecoin’s hype finally fading?
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Dogecoin’s whale transactions have fallen drastically over the last few weeks Market sentiment was bearish as DOGE struggled below $0.25 on the charts Dogecoin, once at the center of the memecoin mania, is now seeing a sharp drop in whale transactions and overall market activity. Large-scale transactions have dried up significantly, and retail engagement has followed suit too. With DOGE’s price struggling to find stability right now, many are questioning whether this is just a temporary cool-down or a sign that the hype is fading altogether. DOGE whale transactions dry up Dogecoin’s whale activity has seen a drastic decline over the past few weeks, coinciding with a sharp downturn in price and overall market sentiment. Large transfers worth $100k or more dropped significantly, from 20.2k weekly transactions to just 6.2k. Meanwhile, transactions exceeding $1 million tumbled from 3,490 to 850 over the same period. Such a sharp reduction hinted that whales are either exiting the market or choosing to sit on the sidelines. DOGE’s price losing momentum? At the time of writing, DOGE was trading at $0.24765, following a significant drop from its December highs. The 50-day moving average sat at $0.33226, acting as a resistance level, while the price remained below the Fib 0.236 retracement level at $0.25608 – A sign of sustained bearish pressure. Source: TradingView A closer look at the Bollinger Bands suggested that DOGE has been consolidating near its lower range, signaling limited volatility. If support around $0.20 fails to hold, the next major support level would be at $0.20101, based on the Fibonacci retracement data. Declining active addresses and network engagement Dogecoin’s Daily Active Addresses plummeted to 37.6k too, a stark contrast to the 1.68 million peak seen during its November rally. This steep decline alluded to that fact that retail interest has been waning,…
Filed under: News - @ February 9, 2025 2:07 am