Dogecoin Price Decline Spurs Accumulation by Large Wallets Despite Bearish Trend

  • In recent days, the cryptocurrency Dogecoin (DOGE) has seen its price continue to decline.
  • Despite the downturn, there has been notable activity in large wallets accumulating DOGE.
  • Market sentiment remains mixed with a minor price uptick amidst a general downward trend.

Get the latest insights on Dogecoin’s recent price movements, wallet accumulations, and overall market sentiment in our in-depth analysis.

Dogecoin’s Search for Upward Momentum

An analysis of Dogecoin’s price chart on a daily timeframe indicates that it has experienced upward price trends on only three occasions in the past seven days. Despite these short-lived positive trends, the overall price trajectory has been downward.

Currently, Dogecoin is trading around $0.158, showing a marginal increase of less than 1%. This slight uptick places DOGE above its short-term Moving Average, signifying potential short-term positive momentum despite the overarching negative trend.

Moreover, Dogecoin’s Relative Strength Index (RSI) reveals a weak bearish trend, settling just below the neutral mark. For DOGE to enter a sustained bullish phase, continuous positive price movement is critical.

Increased Whale Accumulations For Dogecoin

Despite the prevailing price decline, significant accumulation activity has been observed among large Dogecoin holders. Santiment data reveals that, from late May until now, whale wallets have added over 200 million DOGE tokens.

Specifically, wallets holding between 100 million to 1 billion DOGE have increased their holdings significantly. In addition, the accumulation trend is also evident among wallets possessing between 100,000 to 1 million DOGE tokens.

Holder Numbers Remain Steady

Although large wallets are accumulating more DOGE, the overall number of holders has not increased. Data from Santiment shows that the total number of Dogecoin holders has remained flat over the past few weeks, holding steady at approximately 6.6 million since May.

This pattern indicates that the recent accumulation is primarily occurring within currently existing wallets rather than attracting new investors.

Conclusion

To summarize, Dogecoin has faced price declines, though slight positive movements have been recorded. Large wallet holders have significantly increased their DOGE holdings despite the bearish trend. The number of overall holders remains unchanged, signaling that new investors are not entering the market in significant numbers. For DOGE to shift towards a sustained upward trajectory, continuous positive price momentum and broader market participation will be pivotal.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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