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Dogecoin Drops 18%: Whale Activity Sparks Bullish Momentum

Dogecoin (DOGE) drops 18% this week, yet whale activity and new address growth signal bullish momentum. Could a price surge be on the horizon?

1 min 10 secOctober 2, 2024

Highlights:

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Dogecoin falls to $0.1026, but whale trades surge.

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Analysts predict a bullish MACD crossover for potential gains.

Dogecoin Drops 18%: Whale Activity Sparks Bullish Momentum

Dogecoin (DOGE) has experienced a significant drop of approximately 18% this week, falling from $0.1321 to $0.1026. Despite this decline, recent whale activity and on-chain metrics suggest a potential bullish turnaround for the popular meme coin.

 

According to analytics firm Santiment, Dogecoin's network has seen a surge in large transactions, with 1,203 whale trades exceeding $100,000 recorded recently. This marks the highest level of whale activity since late May, indicating that major holders may be accumulating DOGE during this price dip.

 

 

In addition to whale transactions, the network has also witnessed robust growth in user engagement. Over the past few days, there have been 63,689 active addresses transferring DOGE, the highest activity level since early April. Notably, on a single day, 19,630 new addresses were created, reflecting a 72% increase in new wallet registrations.

 

Analysts are also pointing to a potential bullish crossover in the Moving Average Convergence Divergence (MACD) indicator on DOGE's weekly chart. Historical patterns show that such crossovers have previously led to price surges of 90% or more. 

 

doge price as of the time this article was published.

 

With the current price stabilization around $0.10 and increasing network activity, many investors are optimistic about a possible recovery in the near future. As of now, DOGE is trading at approximately $0.1068, leaving room for speculation about its next moves in the market.

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