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Dogecoin dalam Tekanan Bearish, Whale Mulai Beraksi

Release: 2024/06/09 13:42 Reading: 522

Original author:blockchainmedia.id

Original source:https://coinmarketcap.com/community/articles/66653c8a0677e53413eacdad

Dogecoin Faces Market Pressures amid Whale Activity

Dogecoin (DOGE) experienced bearish pressure over the weekend, dropping below $0.15 for the first time since June 2024. This decline marks a notable setback for the meme token, which had been stuck in a consolidation range throughout the week. The latest price drop has heightened concerns among investors over DOGE's stability and future prospects.

Hope Amid Whale Activity

Despite the bearish sentiment, a recent surge in whale activity has been observed on the Dogecoin blockchain, suggesting that the recent price dip may be temporary and that DOGE could be poised for a recovery in the near future.

As reported by Bitcoinist, prominent crypto analyst Ali Martinez highlighted the spike in whale activity.

According to Martinez, Dogecoin whales have been remarkably active in recent days. A key indicator here is Santiment's Whale Transaction Count metric, which tracks the number of large transactions made on the blockchain within a day.

Spike in Whale Transactions

Martinez revealed that over 150 Dogecoin transactions, each valued at over $1 million, were recorded in a single day. This surge represents the highest level of whale activity since mid-April, signaling a significant shift in market behavior.

The size of these transactions indicates the involvement of large-scale investors, commonly known as whales. These investors are significant due to their sizable holdings and the magnitude of their transactions.

Their actions can have a substantial impact on the market, influencing price movements and overall market sentiment.

However, the motivations behind these transactions remain unclear. It is uncertain whether these whales are accumulating Dogecoin in anticipation of a price bounce or selling off their holdings.

If the whales are accumulating, it could serve as a positive sign and a potential catalyst for a DOGE price recovery. Conversely, if they are selling, it could indicate further bearish pressure and potential downside for Dogecoin.

Regardless, whale activity is always worth monitoring, given their potential to influence market dynamics and volatility. The recent spike in whale transactions adds a layer of complexity to the current market conditions, keeping investors on edge as they await further developments.

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