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- On October 10th, Dogecoin whale transactions increased by 49.6% to reach $1.32 billion within a 24-hour period, while trading volumes fell by 22% to $153.7 million.
- A disparity is evident between retail and large-holder DOGE trading, indicating a market tug-of-war.
- Even with the prevailing bearish trend, significant holders are accumulating DOGE, implying long-term optimistic expectations.
Amid the recent cryptocurrency sell-off, Dogecoin has experienced a contrast between stagnant prices and a rise in whale activity.
According to data from IntoTheBlock, Dogecoin whale transactions surged by 49.6% to $1.32 billion over a 24-hour timeframe as of October 10th. This is in stark contrast to a 22% decline in trading volumes to $153.7 million, as reported by CoinMarketCap.
The inconsistency indicates substantial counteracting forces between retail and large-holder DOGE trading. As overall sentiment diminishes, whales seem to be purchasing discounted Dogecoin.
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This comes amidst slumping Dogecoin price
This occurs while Dogecoin remains around $0.05871, reflecting a 17% decrease in recent days. However, Dogecoin’s daily active addresses have also increased by 2.45% to 45.4K addresses, according to IntoTheBlock.
The contradictory on-chain data underscores dynamic trading conditions throughout the Dogecoin market. Diminished retail enthusiasm is being counterbalanced by renewed whale accumulation.
Major holders appear to be taking advantage of Dogecoin’s prolonged price decline to establish positions for a potential recovery. Their network activity suggests bullish expectations in the long run.
Currently, Dogecoin is technically bearish and limited by the downtrend. Nevertheless, its robust whale support provides a positive aspect amid the ongoing downturn.
If the increase in large-holder transactions continues, it could establish a foundation for diminished selling pressure and the potential for a trend reversal when macro conditions improve. Whales are strategically purchasing the dip in anticipation of the next meme coin surge.
