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Sujit Kumar
Feb 8, 2025
by Sujit Kumar

Dogecoin Whale Activity Drops Amid Market Consolidation

Dogecoin Whale Activity

Table of contents

  1. Technical Indicators Suggest Caution
  2. Future Outlook and Community Hints
Dogecoin (DOGE) has experienced significant volatility recently, with a marked drop in whale activity that has raised concerns among investors. Data from the Santiment platform reveals that large transactions—specifically those exceeding $100,000—have dwindled to less than a third of their early November levels. Weekly whale transactions have fallen from 20,200 to 6,200 for $100K deals and from 3,490 to 850 for $1 million deals. This decline in whale movements coincides with a 49% contraction in Dogecoin's market cap since its peak on December 7.

Technical Indicators Suggest Caution

Despite a brief rebound from a low of $0.201, Dogecoin has been trading in a narrow range. Currently, DOGE hovers around $0.247, reflecting a 2.95% drop over the last 24 hours and a 24% decline on a weekly basis. The coin is currently situated between its 50-day and 200-day moving averages, at approximately $0.332 and $0.229 respectively. The daily RSI has flattened near 30, indicating a potential consolidation phase.

Analysts caution that unless DOGE breaks above key resistance levels, specifically $0.30 and $0.33, the bearish momentum may persist. A failure to maintain the current support at $0.00001400 could push prices down toward retesting $0.20.

Future Outlook and Community Hints

Meanwhile, Dogecoin Foundation director Timothy Stebbing has hinted on social media that major announcements are on the horizon in the coming weeks. This could reinvigorate market activity if new developments restore confidence among both retail and institutional investors.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Dogecoin Whale Activity
Dogecoin Whale Activity Drops Amid Market Consolidation
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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