After a week-long drop in the performance of major altcoins, Dogecoin is now taking a major step towards recovering its valuation. Different metrics are giving credence to this recovery attempt, as trading volume in the last 24 hours has increased. leap more than 58% to $600,461,241.
After a week-long drop in the performance of major altcoins, Dogecoin is now taking a major step towards recovering its valuation. Different metrics are giving credence to this recovery attempt, as trading volume in the last 24 hours has increased. leap more than 58% to $600,461,241.
What are DOGE whales doing?
In the weekend’s growth recap, Dogecoin whales influenced the market by acquiring a total of 6.4 billion DOGE overnight. By According to data from crypto analytics platform IntoTheBlock, Dogecoin whale transactions jumped from a low of 5.37 billion DOGE in the last seven days to approximately 11.74 billion DOGE before settling at the current figure.
Gamza KhanzadaevThese whale transactions mark those Dogecoin-related accumulations that are worth at least $100,000. When whales pile up, it is a sign of confidence that a price rally could accompany the rise.
The trend in Dogecoin suggests that this rally could soon be recorded. There has already been a prolonged bearish decline as the price dropped 1.59% in 24 hours to $0.134. The currency also extended its decline to 7.12% over the past week.
If whale buying continues, there could be a change in stance, which would help create shortages in Dogecoin supply, which could trigger a price surge.
The role of market sentiment
Dogecoin’s influence on the market is gradually shrinking above its market capitalization of $19,464,473,979. Rather than fueling a market decline, it is more susceptible to being influenced by the broader ecosystem trend.
Gamza KhanzadaevThis is good positioning as its correlation with BTC could pay off when timely Bitcoin ETF inflows help return the major coin to its all-time high (ATH). Meanwhile, Dogecoin developer Mishaboar warned the community against the risk of seeking alternatives without a proper risk assessment.
