Whales prop up Dogecoin as the meme attempts a recovery
- A significant uptick in whale holdings was observed over the last month.
- DOGE bounced 7% from its weekly lows as of press time.
The largest memecoin by market cap, Dogecoin [DOGE], was on its way to recovery as the Binance-linked market FUD began to fade.
DOGE bounced 7% from its weekly lows as of press time, AMBCrypto spotted using CoinMarketCap’s data. This gave the Doge army optimism for a smoother rising trajectory in the days ahead.
Trading volumes were slim
Interestingly, the price retracement was not built on robust trading activity. According to AMBCrypto’s analysis of Santiment’s data, trading volumes dipped sharply since the 21st November sell-offs.
The number of addresses involved in DOGE transactions likewise dropped 58% in the last 24 hours, indicating poor on-chain traffic.
While DOGE encountered fluctuations in its price and network activity, on a larger timeframe, key developments were shaping the memecoin’s narrative.
Whale investors see hope in DOGE
The number of transactions worth more than $100,000 increased considerably in November. In fact, the count of 575 recorded on 17th November was the highest in three months.
The transactions were dominated by buyers as they led to an uptick in total whale holdings, AMBCrypto concluded after analyzing the supply distribution of DOGE wallets.
While there were no specific catalysts, the wider market euphoria on Bitcoin [BTC] spot ETFs could be driving the buying pressure.
Prominent on-chain researcher Ali Martinez interpreted increased interest from whales as a bullish signal for DOGE.
While whales do exert a disproportionate influence on an asset’s price movements, traders should perform due diligence before making any investment decisions. Remember to always DYOR.
Longs for DOGE increase
In the last 24 hours, DOGE’s price increased by 2.69%.
The price rise attracted bullish-leveraged traders to the market, as the number of long positions exceeded shorts, AMBCrypto analyzed using Hyblock Capital’s data,
How much are 1,10,100 DOGEs worth today?
The positive value of Whale vs Retail Delta indicator showed that more whales were taking long positions than retail investors. This meant that whales were hopeful of DOGE’s surge in the days to come.
Generally, experts attach higher value to whales’ strategies, owing to their experience in the realm.