- Dogecoin whale activity sees 63% increase in large transactions in 24 hours.
- Stochastic RSI suggests a possible short-term correction despite increasing social volume.
Dogecoin (DOGE) has seen an increase in whale activity over the past 24 hours. Its large transactions have jumped by 63%, with whales moving 65.41 billion DOGE. This huge participation from the biggest players in the market represents 41% of Dogecoin’s total supply.
The increased whale activity mentioned above suggests that large investors are taking positions, which may be accompanied by increased market volatility.
An increase in whale trading tends to precede potentially large price moves. When whales make such large moves on DOGE, the market usually follows their moves.
So this could be an indicator that a significant price move could be on the cards.
Source: IntoTheBlock
Dogecoin Social Volume Is Up
Dogecoin’s social volume has been on an upward trajectory for the past three days. Social volume helps identify certain market sentiments.
Historically, higher conversation volumes drive new investor interest, which increases demand.
The increase in social volume may imply more chatter in the crypto ecosystem surrounding Dogecoin, which could influence speculations that could give it further momentum.
Source: Santiment
Stochastic RSI suggests short-term correction
Despite these encouraging signs, the Stochastic RSI has just registered a bearish cross. This suggests that the market could face a small correction before any bullish momentum can resume.
Although Dogecoin is flirting with a bullish breakout, this crossover suggests a slight pullback before making its next move.
Source: Tradingview
Read Dogecoin (DOGE) Price Prediction for 2024-2025
Whale activity is high, as is social interest. But the bearish stochastic RSI crossover is just a reminder that before any major price move, short-term corrections are inevitable.
For now, holding firm and waiting for better signals might be the best approach.
