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02/09 16:25

Dogecoin’s whales go missing – Is the memecoin’s h

Dogecoin’s whales go missing – Is the memecoin’s hype finally fading?

Dogecoin, once at the center of the memecoin mania, is now seeing a sharp drop in whale transactions and overall market activity. Large-scale transactions have dried up significantly, and retail engagement has followed suit too.

With DOGE’s price struggling to find stability right now, many are questioning whether this is just a temporary cool-down or a sign that the hype is fading altogether.

DOGE whale transactions dry up

Dogecoin’s whale activity has seen a drastic decline over the past few weeks, coinciding with a sharp downturn in price and overall market sentiment.

Large transfers worth $100k or more dropped significantly, from 20.2k weekly transactions to just 6.2k. Meanwhile, transactions exceeding $1 million tumbled from 3,490 to 850 over the same period. Such a sharp reduction hinted that whales are either exiting the market or choosing to sit on the sidelines.

DOGE’s price losing momentum?

At the time of writing, DOGE was trading at $0.24765, following a significant drop from its December highs. The 50-day moving average sat at $0.33226, acting as a resistance level, while the price remained below the Fib 0.236 retracement level at $0.25608 – A sign of sustained bearish pressure.

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