The
price
of
Dogecoin
succumbed
to
severe
bearish
pressure
in
the
late
hours
of
Friday,
June
7th,
dropping
below
the
$0.15
level
for
the
first
time
in
June
2024.
With
the
meme
token
looking
stuck
in
a
consolidation
range
all
week
long,
the
latest
price
drop
will
be
another
potential
source
of
concern
for
most
investors.
However,
a
burst
of
whale
activity
has
been
observed
on
the
blockchain
recently,
suggesting
that
the
latest
price
decline
is
likely
a
temporary
setback
and
that
Dogecoin’s
value
may
rise
again
soon.
Dogecoin
Whale
Transactions
Hit
A
New
High
Since
March
In
a
recent
post
on
the
X
platform,
popular
crypto
analyst
Ali
Martinez
revealed
that
Dogecoin
whales
have
been
active
in
the
past
few
days.
The
relevant
blockchain
indicator
here
is
Santiment’s
Whale
Transaction
Count
metric,
which
keeps
track
of
the
number
of
whale
transactions
executed
on
a
blockchain
in
a
single
day.
According
to
the
crypto
pundit,
more
than
150
DOGE
transactions
(each
worth
over
$1
million)
have
been
recorded
in
the
past
day.
As
shown
in
the
chart
below,
this
represents
the
metric’s
highest
level
since
mid-April.
A chart showing DOGE's whale transaction count | Source: Ali_charts/X
Considering
the
size
of
these
transactions,
they
can
be
associated
with
large
investors
–
commonly
known
as
whales
–
of
Dogecoin.
This
cohort
of
investors
is
relevant
because
of
the
size
of
their
holdings
and,
often,
the
magnitude
of
their
transactions.
However,
it
is
worth
noting
that
the
motivation
behind
or
direction
of
these
transactions
is
still
unclear.
It
remains
to
be
seen
whether
these
whales
are
accumulating
Dogecoin
in
anticipation
of
price
growth
or
in
order
to
offload
their
holdings.
Accumulation
by
large
investors
can
be
a
positive
sign
and
a
potential
catalyst
for
DOGE’s
price
rebound.
On
the
flip
side,
if
the
whales
are
selling
their
tokens,
the
substantial
bearish
pressure
may
spell
further
downside
for
the
price
of
Dogecoin.
In
any
case,
whale
activities
are
always
worth
looking
out
for,
especially
given
their
potential
impact
on
market
dynamics
and
volatility.
Meme
Coin
Market
In
Turmoil?
The
cryptocurrency
market
has
been
under
intense
selling
pressure
since
Friday
afternoon,
with
its
capitalization
falling
by
nearly
3%
in
less
than
24
hours.
Specifically,
the
meme
coin
sector
has
been
one
of
the
biggest
losers
in
the
current
sluggish
market
condition.
The
value
of
Dogecoin,
the
largest
meme
token
by
market
capitalization,
has
declined
by
7%
in
the
last
24
hours.
Meanwhile,
the
GameStop-inspired
meme
coin,
GME,
is
currently
the
largest
loser
in
the
market,
with
a
37%
price
decline.
The price of DOGE at $0.14830 on the daily timeframe | Source: DOGEUSDT chart on TradingView
Featured
image
from
Unsplash,
chart
from
TradingView
Go to Source
Author: Opeyemi Sule
