Large Dogecoin holders have shown a marked decrease in activity, with transaction volumes hitting their lowest point in the past 60 days, according to cryptocurrency analyst Ali Martinez. Recent analysis reveals only four large-value transactions occurred compared to a peak of 38, highlighting a notable shift in whale behavior.
The recent decline coincides with Dogecoin’s brief price surge, although trading activity remains below its key 2024 support level and its 200-day EMA. Despite the short-term increase, technical indicators such as the RSI remain weak, suggesting fading momentum, according to Martinez’s analysis.
The significant drop in whale activity comes after a period of heightened activity where major transactions reached levels nearly ten times higher than current figures.
This move by large holders raises questions about the future trajectory of Dogecoin’s price and its ability to sustain recent gains. It highlights the volatility inherent in the cryptocurrency market, particularly in relation to social media sentiment and the influence of whale transactions.
Source: CoinGecko