Dogecoin (DOGE) is trading at $0.10, down 16% over the past 30 days. The decline in whale activity has led to a more than 60% decrease in large DOGE transactions, suggesting that whale confidence is waning and a bearish trend is strengthening. If whale sentiment does not pick up and DOGE price does not reach $0.12, a 20% drop to $0.08 is possible.
Dogecoin Price Analysis
Dogecoin’s price has been struggling recently, dropping to $0.10, marking a 16% loss in value over the past 30 days. On-chain data suggests that this decline was largely due to a decrease in whale activity.
Decline in Whale Activity
According to IntoTheBlock data, a significant decrease in large transactions involving Dogecoin has been observed. The number of daily DOGE transactions worth between $1 million and $10 million has decreased by 62% over the past 30 days. In addition, transactions exceeding $10 million have also decreased by 67%. Large transactions are often associated with confidence in the future performance of an asset. A decrease in such transactions indicates a loss of confidence among whales and creates a negative outlook on the potential movements of the asset.
Large Owners and Stock Exchange Net Flow Ratio
The decline in DOGE’s Large Holder Netflow and Exchange Netflow ratio further confirms the decreasing whale activity. According to IntoTheBlock, this metric has fallen by 383% in the last 30 days, indicating a significant decrease in whale accumulation. Large holders are addresses that hold more than 0.1% of an asset’s circulating supply. The net flow to exchange ratio measures the activity of these investors relative to the broader market. A high Large Holder Net Flow/Exchange Net Flow Ratio indicates strong accumulation by large holders, which is a bullish signal. A low ratio indicates that these key investors are selling, putting downward pressure on the asset. Such sales often trigger similar movements among retail investors, increasing selling pressure.
DOGE Price Prediction
If whale activity and buying pressure continues to decrease, DOGE could see a 20% drop from the current level and the price could drop to $0.08. The meme coin last traded at this level on August 5, when the cryptocurrency market saw liquidations of over $1 billion. Before that, DOGE traded at such low levels in February. However, if whale sentiment picks up and accumulations pick up again, DOGE could see a rally to $0.12.
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