Dogecoin (DOGE) Fails Bullish Expectations as Whales Sell
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Dogecoin’s price is bound to witness a drawdown as the meme coin fails the bullish triangle pattern.
DOGE whales have sold nearly $50 million worth of holdings in the span of a little over a week.
The participation continues to decline, with the active address ratio falling to less than 1% at the time of writing.
Dogecoin’s (DOGE) price is dropping despite the rest of the meme coins experiencing growth these past few days.
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The meme coin is facing selling from its whales and very low investor participation, which might be a bane for DOGE.
Dogecoin’s price has already failed a potential bullish outcome and could now continue slipping down that path. This is because the whale addresses are opting to sell their holdings to secure whatever profit they have and minimize their losses.
The addresses holding between 10 million and 100 million DOGE have sold off over 300 million in the past week. This supply worth nearly $50 million has brought their total holdings down to 17.36 billion DOGE.
But in addition to the whales selling, the retail investors also see little incentive in the asset. This is visible in their participation, or more accurately, in the lack thereof.
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