The cryptocurrency Dogecoin is facing significant challenges, marked by substantial trader losses and decreasing interest from larger holders.
Trader Losses on Dogecoin
In the last 24 hours, Dogecoin traders have incurred staggering losses of $225 million, with profits only at $5.4 million. Comparatively, these figures are the worst among all top cryptocurrencies. For example, Bitcoin saw $2.2 billion in profits with only $105 million in losses, while Ethereum maintained a profit/loss ratio of 5:1.
Whale Activity and Holder Interest
Data shows that whale activity has significantly decreased. The number of transactions over $100,000 and $1,000,000 has sharply fallen since February, while the total number of Dogecoin holders remains around 7.94 million, indicating a waning interest from retail investors.
Price Prediction for Dogecoin
Technically, Dogecoin is trading within a descending triangle, indicating a likely further decrease. Support levels are found between $0.153 and $0.157. If the price breaks below this range, a drop to $0.145 is possible. To negate the bearish trend, buyers must return to the $0.18–$0.195 range with sufficient trade volume.
The current situation surrounding Dogecoin is complex: substantial trader losses, weak market activity, and the stagnation of interest from larger holders signal potential further price declines if trader interest does not recover.
