The price of Dogecoin had a considerable downward pressure last week, and the latest data on chains suggest that the Meme Munt may not experience lighting quickly.
Dogecoin price overview
At present, the DOG -token is appreciated at around $ 0.246, which only reflects 0.5 decreases in the last 24 hours. Although the meme coin seems to have found formidable support around $ 0.23, there has not been enough exercise to guarantee a comeback and to wipe out part of the recent loss. Coingecko data shows that the largest meme -currency has shrunk in value in the last seven days with more than 25%.
Data from price actions, however, shows that Dogecoin’s fight did not start last week, because the meme -token has fallen steadily since reaching $ 0.47 early December. According to data from Santiment, the price of Doge has fallen nearly 50% after it at the point of the local high high months ago.
Although the general market condition has not been particularly positive, the meme coin sector seems to endure the greatest impact of climate shift. The latest data on the chains suggest that an important class of large investors can play a role in the price reduction, because they become less active on the Dogecoin market.
Doge large transactions are witnesses of serious decline
In a post of 8 February on the X platform, the blockchain -inlaying company Santiment Santiment unveiled That Dogecoin -Walvissen have become less active in the market, with their number of transactions decreased in recent weeks. In particular, the on-chain analysis company emphasized the changes to two whale-distressment groups: the $ 100,000 and the transactions of $ 1 million.
According to santiment, the number of doge transactions (worth more than $ 100,0000) has been drastically reduced, with more than a third of the volume during the “Trump Pump Ren-up at the beginning of November”. Data from the chains shows that the weekly transactions of $ 100,000 have fallen from 20,200 to 6,200-one decreases from almost 70%since November 9, 2024.
In the meantime, the weekly doge transactions have fallen from $ 1 million by more than 75%, from 3,490 to 850 in the last three months. As Santiment emphasized, these whale -distression disactics may have to retrieve if the price of Dogecoin has to recover.
In a new post on X, crypto analyst Ali Martinez revealed that whales have collected more than 100 million doge tokens in the last 24 hours. According to the expert, this last accumulation round indicates growing interest and trust among large investors.
Credit : www.newsbtc.com
