Dogecoin has dropped by 9%, joining the broader crypto market in a sharp value decline in the last hour. Over $300 million has reportedly been liquidated within this period triggering a massive drop across the global market.
Amid this development, whale activities surrounding the leading memecoin DOGE have increased significantly defying brewing negative sentiments. The activity surge follows a period of consolidation experienced by the memecoin near the $0.16 price level. Consequently, the future outlook of DOGE has been thrown into question as investors speculate a possible reversal.
Dogecoin Whale Activity on the Rise
According to a recent report shared by expert analyst Ali Martinez on X (formerly Twitter), the number of DOGE transactions exceeding $1 million has skyrocketed in the last 24 hours. Per his report, the total number of $1 million and above Dogecoin transactions within this time has jumped to 150.
#Dogecoin whale activity is on the rise! Over 150 $DOGE transactions, each exceeding $1 million, have been recorded in the past 24 hours. pic.twitter.com/04duEybvio
— Ali (@ali_charts) June 7, 2024
The notable surge in whale activity over a short time has triggered positive sentiment among Dogecoin investors even though the price of the token has nosedived significantly in the last hour. These large transactions could signal a growing confidence in the project as large investors accumulate massively.
A closer look at the Santiment chart shows that the uptick in whale activity began after June 2 when the price of the coin dropped to $0.135. Following this, the whale activity continued an upward trend until the price crossed the $0.16 mark earlier today. Investors’ views of this have varied, with some advising caution. But given the increased on-chain activity, the general market sentiment is still bullish.
Dogecoin Price Movements
As earlier mentioned, the price of DOGE has crashed sharply at the time of writing. According to data from CoinMarketCap, Dogecoin is currently trading at $0.146, representing a 9.10% decline in the last 24 hours.
Source: CoinMarketCap
Meanwhile, the activities surrounding the coin as portrayed in its 24-hour trading volume have surged by 94.90% to $1.5 billion. Notably, DOGE has traded between the range of $0.146 and $0.1621 in the last 24 hours, signifying a 79.9% decline from its all-time high of $0.73 reached on May 8, 2021.
According to Coinglass analytics, derivatives volume surged 20.11% today while DOGE’s futures OI fell 2.73%. The data also suggests that speculative trading and decreased investor interest may be contributing to the token’s fluctuating movement.
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