Dogecoin has emerged as the only major memecoin showing positive movement over the past 90 days. While other memecoins are losing value, DOGE maintains investor interest.
Dogecoin's Growth Amid Other Memecoins Decline
According to CoinMarketCap’s 90-day performance index, Dogecoin was the only top memecoin to show a positive return, gaining 0.04%. In contrast, other tokens experienced significant losses, with DOGE demonstrating resilience due to its market cap of $28.6 billion.
Price Behavior Analysis of Dogecoin
The Dogecoin price chart on Binance shows that DOGE is trading near $0.19. The asset has entered a phase of consolidation following a recent price decline. Technical indicators show strong support between $0.17 and $0.18, where multiple volume spikes have occurred.
Market Dynamics and Whale Transfers
Data from Whale Alert reported three large DOGE transfers totaling 312,375,048 DOGE, worth approximately $60 million. These movements raise concerns about potential sell-offs by large holders. Analysts suggest that such movements may indicate upcoming reallocation or selling pressure.
The current situation in the cryptocurrency market indicates a possible strengthening of Dogecoin's position, especially amid uncertainty regarding other memecoins. Increased trader interest and large asset transfers demonstrate that DOGE may continue to be a significant player in the market.
