The recent downfall in the crypto market affected major currencies such as Bitcoin and Ethereum, leading to a significant drop in Dogecoin's value as well. Dogecoin saw a decline of more than 10% in the past 24 hours, resulting in weekly losses of 20% and monthly losses of over 38%. This drastic price change caused liquidations of over $15 million in DOGE positions in the derivatives market.

Noted crypto analyst Kevin emphasized the importance of DOGE holding on to the 12.5-13 cents support level for the market sentiment to remain positive. If this support level is breached, further assessment of the market would be necessary.

Whales in the market intensified their activity as prices fell, with large transactions over $100,000 increasing in volume. Moreover, addresses holding between 1,000 and 1 million coins were on the rise, indicating that wealthy investors were taking advantage of the dip to buy DOGE. These actions were reflected in the increased long exposure of whales, as analyzed by Hyblock Capital data.

On the other hand, despite the increased social activity surrounding DOGE, sentiments remained predominantly negative based on the Weighted Sentiment trend. This suggests that while there is engagement with the coin, the overall outlook is not optimistic.

It is important to note that the information presented is not meant to serve as trading advice, and individuals should conduct their own research or seek professional guidance before making investment decisions.