Dogecoin has been under pressure during the crypto market's recent two-month downturn. However, significant whale activity and growth in user engagement suggest potential bullish momentum.
Whale Activity
Data from Santiment shows that the number of wallets holding at least one million DOGE has been on the rise, indicating increased accumulation. This surge in large holdings could signal renewed confidence from investors who anticipate the market will turn around.
Key Support & Growth Opportunities
Currently, Dogecoin is testing the $0.167 support. If this level holds, there is potential upside towards $0.35, which could mark a significant recovery for the asset.
Liquidation Trends & Their Implications
Liquidation trends suggest traders are preparing for a more stable price range, indicating hope for stabilization.
With rising whale activity and increasing user engagement, Dogecoin could regain investor interest as a growth asset despite recent market hurdles.
