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Dogecoin Whales Takeover: Can Latest Spike In $1 Million Transactions Save DOGE Price?

Release: 2024/06/09 01:42 Reading: 740

Original author:Bitcoinist

Original source:https://bitcoinist.com/?p=304415

Dogecoin Whales Takeover: Can Latest Spike In $1 Million Transactions Save DOGE Price?

Dogecoin Price Slumps, But Whale Activity Hints at Recovery

Dogecoin's price plunged below $0.15 on June 7th, marking its first decline below that level in June 2024. The consolidation range that characterized the week has raised concerns, but recent whale activity suggests the drop could be temporary.

Whale Transactions Surge

According to analyst Ali Martinez, Dogecoin whales have been actively transacting in recent days. Santiment's Whale Transaction Count metric shows over 150 DOGE transactions (each exceeding $1 million) were recorded in the past 24 hours, the highest level since mid-April.

These large transactions indicate significant investor involvement. However, their intentions—whether accumulating or selling—remain unclear.

Potential Impact on Price

Whale accumulation can drive Dogecoin's price higher, while whale selling could exacerbate its decline. Their impact is significant given their holdings and transaction size.

Meme Coin Market Volatility

The broader cryptocurrency market has been facing selling pressure, with a 3% capitalization loss in less than 24 hours. Meme coins have been particularly affected, with Dogecoin dropping 7% and GME losing 37%.

Current Situation

Dogecoin is trading at $0.14830, indicating continued weakness. However, the surge in whale activity suggests a potential reversal of fortune. Whether this activity leads to a recovery or further downturn remains to be seen.

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