Dogecoin has struggled to recover from its recent losses, with demand noticeably declining over the past few days. As the year draws to a close, many investors are choosing to sit out the volatility associated with this transitional period.
This could leave DOGE vulnerable to further price declines unless significant market activity resumes.
Dogecoin Whales Are The Hope
Dogecoin whales play a critical role in preventing the altcoin from further decline. Transactions exceeding $100,000 have surged, reaching 9,410—the highest level since November 2021. This resurgence in high-value transactions indicates strong whale activity, which has historically been pivotal in stabilizing Dogecoin during volatile periods.
If whales maintain their current activity levels, they could provide the liquidity and market support necessary to shield DOGE from further dips. However, this support must be sustained as broader investor participation remains subdued. For Dogecoin to regain its footing, a consistent influx of high-value transactions is essential.
