Journalist
Posted:
- A significant increase in whaling has been observed over the past month.
- DOGE rose 7% from its weekly lows at the time of writing.
The largest memecoin by market capitalization, Dogecoin [DOGE]was on the road to recovery when the Binance-linked market FUD started to fade.
DOGE rose 7% from its weekly lows at the time of writing, AMBCrypto noted using CoinMarketCaps facts. This gave the Doge army optimism of a smoother ascent in the coming days.
Trading volumes were small
Interestingly, the price retracement was not based on robust trading activity. According to AMBCrypto’s analysis of Santiment’s data, trading volumes have fallen sharply since the November 21 sell-off.
The number of addresses involved in DOGE transactions has also fallen by 58% in the last 24 hours, indicating poor traffic on the chain.
Source: Santiment
As DOGE faced fluctuations in its price and network activity, key developments over a larger time frame shaped the memecoin’s story.
Whale investors see hope in DOGE
The number of transactions worth more than $100,000 increased significantly in November. In fact, the count of 575 recorded on November 17 was the highest in three months.
Source: Santiment
The transactions were dominated by buyers as they led to an increase in total whale ownership, AMBCrypto concluded after analyzing the supply distribution of DOGE wallets.
Source: Santiment
While there were no specific catalysts, there was broader market euphoria surrounding Bitcoin [BTC] spot ETFs could increase buying pressure.
Prominent on-chain researcher Ali Martinez interpreted the increased interest from whales as a bullish signal for DOGE.
Although whales exert a disproportionate influence on asset price movements, traders should conduct due diligence before making investment decisions. Remember to always use DYOR.
Desires DOGE increase
In the last 24 hours, the price of DOGE has increased by 2.69%.
The price surge attracted bullishly leveraged traders to the market as the number of long positions outnumbered short positions, AMBCrypto analyzed using Hyblock Capital data.
Source: Hyblock Capital
How many Worth 1,10,100 DOGEs today?
The positive value of the Whale vs Retail Delta indicator showed that more whales took long positions than retail investors. This meant that whales were hopeful of DOGE’s emergence in the coming days.
In general, experts place more value on whales’ strategies because of their experience in this field.
