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Dogecoin’s Whale activity has seen a plunge since mid-November. According to Ali Martinez, Whale activity on the Dogecoin ($DOGE) network has declined by nearly 88% since mid-November.
The fall comes contrary to the overall market rise that has taken place since mid-November, especially after Donald Trump’s victory in the 2024 elections.
A decline in whale activity points to a change in major investors’ holdings toward long-term holdings, more stability, and less market manipulation. It might also be a reflection of the market’s increasing maturity, the increased activity of ordinary investors, and possible worries about transparency or restrictions.
Why is Doge’s Whale Activity Falling?
A number of causes have contributed to the decline in whale activity on Dogecoin. Since many big investors are keeping their positions longer rather than selling frequently, one major factor is the general decline in speculative trading.
Furthermore, the market for cryptocurrencies has turned its focus away from memecoins like Dogecoin and toward usability and real-world use cases. Whale dominance in Dogecoin has diminished as more established ventures are given priority by both institutional investors and ordinary trades.
This fall has also been exacerbated by the maturing of the market and the rise of other memecoins. Whales may be deterred from actively engaging in Dogecoin trading by the growing knowledge of the dangers of market manipulation and the regulatory attention surrounding huge cryptocurrency holdings.
Also Read: Crypto Whales Take Advantage of Market Dip by Accumulating 750 Million Dogecoin Worth $198.3M
Doge Short-Term Price: What to Expect?
Dogecoin’s volatility and dependence on market sentiment—which is frequently impacted by social media trends and celebrity endorsements—make it difficult to anticipate its short-term price.
Even though Dogecoin has become popular as a humor coin, the performance of Bitcoin and the larger cryptocurrency market can have a significant impact on its price.
Rekindled interest from individual investors or strong endorsements, such as those from Elon Musk, might lead to a possible rally. However, Dogecoin’s price might continue to fluctuate in the absence of major technological advancements or use-case adoption, making it difficult to forecast steady short-term growth.
For more distinct signs, traders should keep a careful eye on emotions and market patterns.
What do Technical Indicators Show?
According to market indicators, the Fear & Greed Index for $DOGE is currently at 51 (Neutral), and the emotion is bearish. Over the previous 30 days, Dogecoin had 10/30 (33%) green days and 15.56% price volatility.
Ten technical analysis indicators indicate bullish signals, while twenty indicate bearish signals, indicating a generally bearish sentiment regarding Dogecoin price predictions.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The DOGE market is now in a neutral position, as indicated by the RSI value of 40.08.
Also Read: Dogecoin Aligns with Musk’s Idea of “Real Economy Is Not Money, It Is Goods & Service”