The price of Dogecoin was under great declining pressure during the past week, and the latest data on the series indicates that the Meme currency may not suffer from relief soon.
DOGECOIN price overview
From writing these lines, the value of the DOGE code is estimated at about $ 0.246, which reflects only 0.5 during the past 24 hours. Although Meme has found tremendous support about $ 0.23, there was not enough movement to ensure the return and wiping some of the last losses. Coingecko data shows that the largest Mimi currency has shrunk by more than 25 % in the past seven days.
However, price movement data shows that Dogecoin’s struggle did not start last week, as the Meme code fell steadily since it reached $ 0.47 in early December. According to Santiment data, the DOGE price decreased by almost 50 % after getting the local high two months ago.
Although the state of the public market was not particularly positive, the Meme currency sector seems to have the greatest effect of climate transformation. The latest data on the series indicates that an important group of big investors may have a role in shrinking prices, because they have become less active in the Dogoin Market.
Large Doug’s transactions are witnessing a sharp decrease
In the February 8 publication on the X platform, Blockchain Intelligence Santiment open Dogecoin whales have become less active in the market, as the number of its transactions has diminished in recent weeks. Specifically, the Analysis Company has highlighted the chain highlights the changes in the two Pisces group: $ 100,000 and a million dollars transactions.
According to Santiment, the number of DOGE transactions (by a value of more than $ 1,000,000) significantly, by more than a third of the size during “Trump Pump Stud in early November”. Data on the series show that the weekly transactions amounting to $ 100,000 decreased from 20200 to 6200-by a decrease by approximately 70 %-since November 9, 2024.
Meanwhile, Doug’s weekly transactions of $ 1 million have decreased by more than 75 %, from 3490 to 850 in the past three months. As Santiment is also highlighted, these whale transactions measures may need to capture again if the price of Dogecoin is a recovery.
In a new publication on X, the encryption analyst Ali Martinez revealed that the whales have accumulated more than 100 million Duwaji symbols during the past 24 hours. According to The Pundit, this last round of accumulation indicates an increased interest and confidence among big investors.
Comments are closed, but trackbacks and pingbacks are open.