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Dogecoin’s Whale Activity Dips, but Analysts Predict a Possible Rebound

Irene Mukiri by Irene Mukiri
February 8, 2025
in Binance Feed, Market
Reading Time: 4 mins read
Dogecoin’s Whale Activity Dips, but Analysts Predict a Possible Rebound
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  • Whale activity has significantly dropped, impacting Dogecoin’s price performance.
  • Despite declines, Dogecoin maintains a $36.62 billion market cap with 150B DOGE.
  • Increased options market activity signals growing interest amid Dogecoin’s downturn.

Dogecoin ($DOGE), once a prominent fixture in the memecoin space, is currently experiencing significant market fluctuations. As per ​​Cas Abbe, an analyst, analysis after reaching its most oversold level since Q3 2024, the cryptocurrency has drawn attention for its recent price dip and reduced trading volume. 

While Dogecoin remains a favorite of investors, particularly due to its association with Elon Musk, the token’s dynamics are shifting in ways that could affect its near-term performance. Notably, whale transactions have significantly dropped, signaling a potential change in market sentiment for the popular meme coin.

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$DOGE has reached its most oversold level since Q3 2024.

Musk's favorite token and the D.O.G.E. department are making big news.

If I'm confident in one memecoin making a new ATH this year, DOGE will be my first choice. pic.twitter.com/nM1zgEb0Hh

— Cas Abbé (@cas_abbe) February 8, 2025

Whale Activity Diminishes Amid Market Decline

Recent data from Santiment, a leading analytics firm, shows a sharp decline in whale transactions. Weekly transfers of $100K+ Dogecoin transactions have plummeted, with only a third of the volume seen during the November pump triggered by market optimism. 

The market cap of Dogecoin has also taken a significant hit, down by 49% since its December 7 high. Consequently, this decline in whale activity suggests that the influence of large holders on Dogecoin’s price has lessened, which could be affecting its overall price performance.

Source: X

Whale Activity and Its Impact on DOGE

Despite the downturn in whale transactions, some analysts remain optimistic about Dogecoin’s prospects. According to Ali Martinez, a renowned market analyst, whales have accumulated an additional 100 million DOGE over the past 24 hours. 

This accumulation hints at a growing demand and a possible turnaround in sentiment for Dogecoin in the near future. The increase in smaller whale transactions signals that while larger holders may have pulled back, there is still some confidence in the token’s long-term value.

Whales have accumulated another 100 million #Dogecoin $DOGE in the last 24 hours, signaling growing confidence and demand! pic.twitter.com/HKuseWubtN

— Ali (@ali_charts) February 7, 2025

Market Overview and Trading Volume Decline

As of press time, Dogecoin’s price sits at $0.2476, reflecting a 2.47% decrease in the last 24 hours and a 23.81% drop over the past week. Despite these declines, Dogecoin still maintains a significant market cap of $36.62 billion, with a circulating supply of 150 billion DOGE.

However, trading activity is showing signs of stress. Coinglass derivatives data reveals a 13.29% decrease in trading volume, dropping to $3 billion. Additionally, open interest has also contracted by 2.37%, reaching $2.27 billion. Conversely, the options market is showing increased interest, with volume surging by 30.18%, and open interest rising by an impressive 149.07%.

Tags: Dogecoin (DOGE) NewsPrice Analysis

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