- DOGE recorded double-digit losses amidst the broader market bloodbath.
Whales were seen accumulating DOGE at a discount.
As a seasoned crypto investor with a few battle scars from the market’s volatility, I’ve seen my fair share of ups and downs in DOGE‘s price action. The recent market-wide selloff was no exception for the memecoin, with double-digit losses recorded in the last 24 hours.
In the past 24 hours, the crypto market experienced significant losses, primarily due to substantial sell-offs of established currencies such as Bitcoin [BTC] and Ethereum [ETH].
The contagion spread to the world’s largest memecoin, Dogecoin [DOGE] as well.
In the past day, the value of the dog-themed cryptocurrency token dropped by over 10%, causing its weekly losses to reach 20% and its monthly losses to exceed 38%, according to information from CoinMarketCap.
Coinglass’ data, as reported by AMBCrypto, revealed that over $15 million worth of Dogecoin (DOGE) positions were liquidated in the derivatives market following the price decrease.
Litmus test for DOGE
Crypto analyst and commentator Kevin expressed the importance of Dogecoin’s current pricing on X.
According to Kevin, the 12.5-13 cent mark held significant importance as a support area for DOGE. Maintaining this level would be crucial for preserving the positive market sentiment.
“If we do lose this zone then we will re assess this market.”
Whales have other plans
As the prices fell, whales became more active: Large transactions exceeding $100,000 occurred more frequently in the previous two days, as indicated by Santiment’s data analyzed by AMBCrypto.
As I delved deeper into the data analysis, I noticed an intriguing trend: the number of addresses withDOGE holdings between one thousand and one million coins was on the rise. Based on my research, this observation implied that affluent investors were actively purchasing DOGE in smaller yet significant quantities during this period.
The bullish interest was also reflected in the long exposure of whales.
Based on my analysis of Hyblock Capital’s latest data, I found that the proportion of whale holdings representing long positions in Dogecoin (DOGE) has risen from 72.9% to 74.85% within the past 24 hours.
Clearly, whales know something about DOGE that we don’t!
Realistic or not, here’s DOGE’s market cap in BTC terms
Negative sentiment persists
As a researcher studying the cryptocurrency market, I’ve observed a noteworthy uptick in social activity surrounding DOGE over the past 24 hours. This is evident from the heightened number of mentions of the coin on prominent crypto-centric forums and social media platforms.
The majority of the feedback expressed skepticism about its success since the Weighted Sentiment leaned towards negative territory.
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2024-05-01 20:07