In recent days, Dogecoin has shown a significant price drop, while major investors have started to accumulate the asset, indicating potential market shifts.
Price Drop of Dogecoin
Dogecoin has experienced an 8.55% decline over the past week, with a further 3.37% drop in the last 24 hours. Currently, Dogecoin is trading at $0.2007, down from a peak of $0.2082. This drop has occurred amid a broader market downturn that has triggered widespread liquidations across the crypto sector.
Futures Market Activity
Dogecoin futures activity rose by 24% on Coinbase, despite a significant decrease in trading volume. Currently, the trading volume stands at $1.51 billion, down by 13.07%. Meanwhile, a sharp reduction in short positions has been observed, while long position traders also faced minor losses.
Market Outlook and Sentiment
However, large holders (whales) have taken the opportunity to increase their holdings, accumulating over one billion DOGE in the past 48 hours. This accumulation suggests strategic positioning by large players anticipating market changes. Despite the struggles faced by retail investors, whale activity may indicate a potential trend reversal.
Thus, the current situation with Dogecoin reflects mixed sentiments: large investors show confidence, while retail traders continue to face losses.
