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DOGE whale transactions soar as traders take advantage of price slump

DOGE whale transactions soar as traders take advantage of price slump

The recent decline in prices of most assets on the cryptocurrency market has provided an opportunity for investors to purchase large amounts of their favorite crypto tokens, including Dogecoin (DOGE), which has recorded an uptick in trader activity.

Indeed, the meme dog token Dogecoin has recorded 38 whale transactions by crypto traders, defined as DOGE trades worth at least $1 million, at a price level of around $0.087, as Santiment data retrieved by Twitter user Javonnii and retweeted by the on-chain analytics platform itself on December 13.

DOGE whale transactions versus price. Source: Javonnii/Santiment

At the same time, more than 350 millionaire holders of DOGE (having at least $1 million in Dogecoin in their crypto wallets) have been affected by the price decline and outflow of capital, their holdings dropping below $1 million, as reported by Finbold.

Dogecoin price analysis

At press time, Dogecoin was changing hands at the price of $0.09398, which represents a 6.41% daily increase while still being down 6.66% compared to the seven days before, according to the data retrieved by Finbold on December 13.

Dogecoin 7-day price chart. Source: Finbold

On top of the daily price increase, things are also looking bullish in terms of DOGE’s 1-day technical analysis (TA), the summary of which is firmly in the ‘buy’ position at 11 (as opposed to 8 for ‘neutral’ and 7 for ‘sell), based on oscillators pointing at ‘buy’ at 3 and moving averages (MA) also indicating ‘buy’ at 8.

DOGE technical analysis on 1-day gauges. Source: TradingView

Elsewhere, the crypto community over at CoinMarketCap is also bullish on DOGE, estimating that it would be trading at an average price of $0.09811 by December 31, 2022, which is an even higher prognosis than the one reported by Finbold on December 1.

Meanwhile, the decentralized finance (DeFi) asset’s market capitalization currently stands at $11.94 billion, making Dogecoin the eighth-largest cryptocurrency by this indicator after it unseated Cardano (ADA) from this position, as per CoinMarketCap data from December 13.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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