{"id":574826,"date":"2024-02-13T13:30:05","date_gmt":"2024-02-13T13:30:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=574826"},"modified":"2024-06-11T08:15:41","modified_gmt":"2024-06-11T08:15:41","slug":"dogecoin-whale-transaction-stats-spell-trouble-despite-ongoing-crypto-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-whale-transaction-stats-spell-trouble-despite-ongoing-crypto-rally\/","title":{"rendered":"These Dogecoin Whale Transaction Stats Spell Trouble Despite Ongoing Crypto Rally"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Dogecoin&#8217;s <\/span><a href=\"https:\/\/uniquehot.com\/news\/can-february-be-dogecoin-month-bullish-indicators-point-to-potential-price-explosion\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">current metrics<\/span><\/a><span style=\"font-weight: 400\"> point to a confused path as the broader crypto market <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-price-rallies-2700\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">rallies<\/span><\/a><span style=\"font-weight: 400\"> after Bitcoin crossed<\/span><a href=\"https:\/\/bitcoinist.com\/rewards-2021-bitcoin-bull-buyers-finally-break-even\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\"> the $50,000 level<\/span><\/a><span style=\"font-weight: 400\">. Dogecoin has been posting some gains along with the rest of the crypto market, but behind the scenes, the meme coin\u2019s transaction volume and whale transaction count have been discouraging.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin-stuck-in-limbo-will-valentines-day-bring-love-and-price-gains\/\" target=\"_blank\" rel=\"noopener \">Dogecoin Stuck In Limbo: Will Valentine\u2019s Day Bring Love (And Price Gains)?<\/a><\/div>\n<p><span style=\"font-weight: 400\">According to on-chain data first shared on social media platform X by crypto analyst Ali Martinez, Dogecoin has experienced a low transaction volume in the past few days, fueled by a drop in trading activity from large traders.\u00a0<\/span><\/p>\n<h2>Dogecoin&#8217;s Transaction Volume And Whale Activity Drops<\/h2>\n<p><span style=\"font-weight: 400\">According to the Santiment data shared by Ali Martinez, DOGE has been <a href=\"https:\/\/x.com\/ali_charts\/status\/44688989?s=20\" target=\"_blank\" rel=\"noopener nofollow\">posting<\/a> gains since February 6. Still, the whale transaction count and the total transaction volume have failed to rise. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, this gain has dwindled compared to the other major cryptocurrencies. As a result, Chainlink (LINK), which has <\/span><a href=\"https:\/\/uniquehot.com\/news\/chainlink-takes-over-dogecoin-in-key-metric-as-mysterious-whale-pushes-link-upwards\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">been on a bullish run<\/span><\/a><span style=\"font-weight: 400\">, was able to <\/span><a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-chainlink-34-kicks-doge-top-crypto\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">displace DOGE out of the top 10<\/span><\/a><span style=\"font-weight: 400\"> in terms of market cap rankings.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This decline in whale activity indicates the current sentiment among large traders. Similarly, <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/DOGE\/deep-dive?group=financials&amp;chart=largeTransactions\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">data from IntoTheBlock<\/span><\/a><span style=\"font-weight: 400\"> has reiterated a decline from this cohort of traders, as the number of daily transactions greater than $100,000 has failed to rise above 200 in the past few days. For comparison, daily transactions above $100,000 steadied above 1,000 throughout January.<\/span><\/p>\n<p><span style=\"font-weight: 400\">When activity drops, but prices rise, it\u2019s usually a sign that a rally isn\u2019t sustainable. This decline in activity suggests that fewer people are using Dogecoin for payments and transfers. Instead, Dogecoin seems to be catching up in the hype of the crypto market rally.\u00a0<\/span><\/p>\n<h2>What Does This Mean for The Dogecoin Price Outlook?<\/h2>\n<p><span style=\"font-weight: 400\">Whales are known for their <\/span><a href=\"https:\/\/uniquehot.com\/news\/dogecoin-massive-dump-100-million-doge-floods-robinhood-investors-brace-for-price-impact\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">ability to move markets<\/span><\/a> so that<span style=\"font-weight: 400\"> less activity could signal lower enthusiasm. As a result, Dogecoin\u2019s decreasing transaction volume and whale activity could signal some trouble for the meme cryptocurrency\u2019s value in the coming weeks, primarily as it relies heavily on hype and popularity to drive up its market price. <\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, DOGE seems to be particularly facing resistance at the $0.083 price level.\u00a0<\/span><span style=\"font-weight: 400\">However, the decreased volume doesn&#8217;t necessarily mean Dogecoin is doomed, as the whale transaction count could pick back up shortly.\u00a0<\/span><\/p>\n<figure id=\"attachment_574841\" aria-describedby=\"caption-attachment-574841\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-574841 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/dogecoin-doge-dogeusdt.png?w=860&#038;resize=860%2C410\" alt=\"dogecoin doge dogeusdt\" width=\"860\" height=\"410\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/dogecoin-doge-dogeusdt.png?w=2372 2372w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/dogecoin-doge-dogeusdt.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/dogecoin-doge-dogeusdt.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/dogecoin-doge-dogeusdt.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/dogecoin-doge-dogeusdt.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/dogecoin-doge-dogeusdt.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/dogecoin-doge-dogeusdt.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/dogecoin-doge-dogeusdt.png?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-574841\" class=\"wp-caption-text\">DOGE&#8217;s price trends sideways on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>DOGEUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The Dogecoin Foundation recently announced an ambitious 2024 roadmap in a recent blog post outlining the vision for the meme coin\u2019s future. The renewed dedication to improving Dogecoin\u2019s underlying technology, increasing its utility and mainstream adoption gives a glimmer of optimism.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/chainlink-takes-over-dogecoin-in-key-metric-as-mysterious-whale-pushes-link-upwards\/\" target=\"_blank\" rel=\"noopener \">Chainlink Takes Over Dogecoin In Key Metric As Mysterious Whale Pushes LINK Upwards<\/a><\/div>\n<p><span style=\"font-weight: 400\">At the time of writing, DOGE is trading at $0.08235, up by 2.39% in the past 24 hours. Failure to break out of the resistance at $0.083 could mean a reversal to the $0.0816 level.<\/span><\/p>\n<p>Cover image from Dall-E, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin&#8217;s current metrics point to a confused path as the broader crypto market rallies after Bitcoin crossed the $50,000 level. Dogecoin has been posting some gains along with the rest of the crypto market, but behind the scenes, the meme coin\u2019s transaction volume and whale transaction count have been discouraging.\u00a0 Related Reading: Dogecoin Stuck In Limbo: Will Valentine\u2019s Day Bring Love (And Price Gains)? According to on-chain data first shared on social media platform X by crypto analyst Ali Martinez, Dogecoin has experienced a low transaction volume in the past few days, fueled by a drop in trading activity from large traders.\u00a0 Dogecoin&#8217;s Transaction Volume And Whale Activity Drops According to the Santiment data shared by Ali Martinez, DOGE has been posting gains since February 6. Still, the whale transaction count and the total transaction volume have failed to rise. Notably, this gain has dwindled compared to the other major cryptocurrencies. As a result, Chainlink (LINK), which has been on a bullish run, was able to displace DOGE out of the top 10 in terms of market cap rankings. This decline in whale activity indicates the current sentiment among large traders. Similarly, data from IntoTheBlock has reiterated a decline from this cohort of traders, as the number of daily transactions greater than $100,000 has failed to rise above 200 in the past few days. For comparison, daily transactions above $100,000 steadied above 1,000 throughout January. When activity drops, but prices rise, it\u2019s usually a sign that a rally isn\u2019t sustainable. This decline in activity suggests that fewer people are using Dogecoin for payments and transfers. Instead, Dogecoin seems to be catching up in the hype of the crypto market rally.\u00a0 What Does This Mean for The Dogecoin Price Outlook? Whales are known for their ability to move markets so that less activity could signal lower enthusiasm. As a result, Dogecoin\u2019s decreasing transaction volume and whale activity could signal some trouble for the meme cryptocurrency\u2019s value in the coming weeks, primarily as it relies heavily on hype and popularity to drive up its market price. At the time of writing, DOGE seems to be particularly facing resistance at the $0.083 price level.\u00a0However, the decreased volume doesn&#8217;t necessarily mean Dogecoin is doomed, as the whale transaction count could pick back up shortly.\u00a0 The Dogecoin Foundation recently announced an ambitious 2024 roadmap in a recent blog post outlining the vision for the meme coin\u2019s future. The renewed dedication to improving Dogecoin\u2019s underlying technology, increasing its utility and mainstream adoption gives a glimmer of optimism.\u00a0 Related Reading: Chainlink Takes Over Dogecoin In Key Metric As Mysterious Whale Pushes LINK Upwards At the time of writing, DOGE is trading at $0.08235, up by 2.39% in the past 24 hours. Failure to break out of the resistance at $0.083 could mean a reversal to the $0.0816 level. Cover image from Dall-E, chart from Tradingview<\/p>\n","protected":false},"author":594,"featured_media":574830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[1785,7,1804,89722,79600],"class_list":["post-574826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-dogecoin","tag-dogecoin-price","tag-dogecoin-price-prediction","tag-dogeusdt"],"acf":[],"yoast_head":"\n<title>These Dogecoin Whale Transaction Stats Spell Trouble Despite Ongoing Crypto Rally<\/title>\n<meta name=\"description\" content=\"The Dogecoin current metrics point to a confused path as the broader crypto market rallies after Bitcoin crosses\u00a0over $50,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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