- In a delightful twist of fate, Dogecoin accumulation has surged in the past 24 hours, as the market, in its infinite wisdom, has decided to establish a new low.
- Ah, DOGE! It has reached a critical juncture on the chart, poised like a cat on a hot tin roof, ready to bounce back into the limelight.
In the past 24 hours, the bearish wave has intensified, leading our beloved Dogecoin [DOGE] to a dramatic decline of 9.83%, dragging its monthly decline down to a staggering -36.13%. What a rollercoaster ride!
A meticulous analysis of various market metrics suggests that DOGE’s current plight is but a fleeting shadow, and a rally could soon emerge as sentiment shifts like a chameleon on a rainbow.
Massive whale accumulation of DOGE
In a spectacle worthy of a soap opera, there has been a significant accumulation of DOGE by investors in the last 24 hours, as recorded by the ever-watchful Santiment.
Whales—those grand addresses controlling a notable supply of an asset, typically between 100 million to 1 billion units—have been on a DOGE shopping spree. 🐋💰
Over the past 24 hours, this illustrious cohort has amassed a jaw-dropping total of 1.40 billion DOGE, signaling a demand so strong it could lift a truck! A market rebound could be just around the corner, especially if DOGE starts to record even the tiniest of gains.
This bullish sentiment arrives at a time when Santiment data reveals DOGE has hit its most negative social volume and weighted sentiment—historically a sign of a potential bottom. How poetic!
As demand swells and key metrics reach a nadir, DOGE could be on the brink of a major reversal, with its price ready to ascend from its current depths.
Spot buys vs. derivative sells—What’s next?
In the bustling spot market, traders have been aggressively accumulating DOGE over the past week and in the last 24 hours, as if it were the last slice of pizza at a party.
In the past day alone, traders have splurged a total of $8.05 million on DOGE, with a whopping $44.34 million spent over the past week. Talk about a shopping spree!
Rising demand suggests that traders view DOGE’s recent low as a golden opportunity, accumulating ahead of a potential rally. But wait! There’s a twist!
AMBCrypto has discovered that while several metrics indicate bullish sentiment, derivative traders remain as bearish as a rainy day. Instead of going long, they are opening short positions, expecting DOGE’s decline to continue. Oh, the irony!
At the time of writing, the Open Interest Weighted Funding Rate—a metric combining open interest and funding rate to predict market trends—suggests DOGE could trend even lower. Buckle up!
With a negative reading of -0.0077%, this indicates more short positions in the market, with short traders paying a premium to maintain their positions. What a tangled web we weave!
This sentiment could delay DOGE’s potential rally. Until the funding rate shifts to a positive region, DOGE may remain under pressure, like a soda can waiting to explode.
Price movement on the chart
The broader outlook reveals that DOGE has reached a critical support level on the weekly chart, trading near the $0.142 region. This support level previously acted as a catalyst for DOGE’s rally that began in October 2024. How nostalgic!
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2025-03-11 17:16