Dogecoin’s price continues to trade below the $0.17 level, a situation exacerbated by ongoing bearish pressure. With robust volatility persistently hindering Dogecoin’s upward movements, major investors and traders are becoming extremely cautious regarding the dog-themed meme coin. Recent reports indicate a decline in accumulation among these significant DOGE players.
Reduced Whale Activity In Dogecoin
Continued price fluctuations have stifled positive sentiment around Dogecoin and its near-term prospects. Ali Martinez, a technical and on-chain expert, identified a worrying shift in sentiment among Dogecoin investors in the past few days, raising concerns about a potential extension of the current correction.
Large investors, classified as whales, have significantly reduced their activity in terms of accumulation over the last 96 hours. Ali Martinez reported that investors holding at least 1 million DOGE have remained quiet during this period, with no significant spikes in buying or selling.
The decline in whale activity may result in reduced market liquidity and heightened uncertainty about DOGE’s short-term price trend. Given the robust volatility experienced in the past few weeks, a drop in whale participation may indicate a strategic stance among big players.
Prior to the dormant whale activities, these major investors had been observed conducting massive sell-offs when DOGE’s price rebounded sharply from the $0.13 mark to $0.16 within hours. On April 9, Ali Martinez mentioned that whales offloaded more than 1.32 billion DOGE in the space of two days.
Such substantial sell-offs from big investors raised concerns about the sustainability of the rally at a critical juncture for the meme coin, which is struggling to surpass key resistance levels and maintain an upward trajectory.
While these larger cohorts were selling, wallet addresses holding between 100,000 DOGE to 1 million DOGE showed signs of gradual accumulation. In another post on X, Ali Martinez revealed that smaller whales acquired over 80 million Dogecoin within a day as DOGE attempts to recover from a prolonged downtrend.
This accumulation during a brief price increase suggests that these investors are capitalizing on growth in anticipation of further gains, reflecting a growing confidence and interest in the meme coin despite ongoing correction.
DOGE’s Price On The Brink Of A Major Upswing
Despite a decline in Dogecoin whale activity, it does not preclude the asset’s potential for price growth. Analyzing DOGE’s price action, crypto analyst Javon Marks has outlined a possible upward move towards new all-time highs.
Javon Mark’s analysis is built on historical bullish trends that have led to notable surges to previous highs in 2017 and 2021. With this trend reemerging, the expert believes Dogecoin could be on the verge of experiencing “another magical bullish performance to new all-time highs.”
If the patterns seen in 2017 and 2021 repeat, the meme coin may anticipate an upsurge of at least +200% to +300%, propelling its price to $0.73 and beyond.
