Dogecoin

April

<p>Dogecoin investors have recently seen the crypto <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-slows-down-doge-new-highs/" rel="nofollow noopener" target="_blank">stalling at the $0.2 mark</a> as bullish sentiment amongst whales and other traders starts to falter. Interestingly, DOGE has yet to have a tangible breakout above the $0.2 mark since March 31. In fact, the crypto went on a decline in the first week of April to reach as low as $0.1719.&nbsp;</p> 
<p>Despite <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-rally-intensifies-eyes-set-on-historic-new-highs/" rel="nofollow noopener" target="_blank">having reversed</a> some of this decline at the time of writing, Dogecoin has yet to perform as many investors would expect. Furthermore, chart formation shows the cryptocurrency could be stuck in a <a href="https://bitcoinist.com/dogecoin-shiba-inu-price-red/">bearish pattern</a> and on-chain data indicates whales are selling their DOGE holdings. At the same time, short-term holders have seen their holdings increase, which makes them vulnerable to selloffs.</p> 
<h2 id="dogecoin-whales-are-selling">Dogecoin Whales Are Selling</h2> 
<p>According to data from the on-chain analytics platform Santiment, the amount of Dogecoin in wallets holding between 10,000,000 and 100,000,000 DOGE has been in a freefall since the beginning of the month. The wallets have particularly decreased their holdings by 333 million DOGE in this timeframe.&nbsp;</p> 
<p>Whales often drive price action and sentiment in the crypto market, as evidenced by an accompanying fall in the price of Dogecoin. For example, the drop in the total whale balance has corresponded with an 18% drop in DOGE’s price from $0.2262 on March 28 to $0.1854 in the past 24 hours.&nbsp;</p> 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-293704 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/04/Shiba-Inu.png?w=512&amp;resize=512%2C173" alt="Dogecoin" width="512" height="173" data-recalc-dims="1">Source: Santiment 
<p>Recent data from <a href="https://app.intotheblock.com/" rel="nofollow noopener" target="_blank">IntoTheBlock </a>also shows a 6% increase in the holdings of short-term traders in the past 10 days. While this could signal a bullish trend among DOGE short-term holders, their trading nature spells a potential decline for the crypto. Unlike whales and long-term holders, short-term traders are known for holding their assets for only between one to three months, making their holdings vulnerable to selloffs any time soon which could lead to a drop in price.</p> 
<h2 id="what-s-next-for-doge">What’s Next For DOGE?</h2> 
<p>At the time of writing, DOGE is trading at $0.1970, up by 4% in the past 24 hours. However, the <a href="https://www.newsbtc.com/analysis/xrp/bitcoin-dogecoin-xrp-months/" rel="nofollow noopener" target="_blank">bullish sentiment</a> would <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-slows-down-doge-new-highs/" rel="nofollow noopener" target="_blank">need to flow</a> to a majority of the whales for the crypto to keep up the bullish action. Increased selloff from large traders could change the sentiment of other investors, leading to a fall in the price of DOGE.&nbsp;&nbsp;</p> 
<p>IntoTheBlock <a href="https://x.com/intotheblock/status/1777722911031275769" rel="nofollow" target="_blank">recently noted</a> that Dogecoin is facing a big resistance at $0.20 on its way to breaking a new yearly high. Notably, over 32,000 addresses are holding 3.78 billion DOGE at a loss at this price level. This means a break over this level could see a large bunch selling their holdings, which in turn could <a href="https://bitcoinist.com/dogecoin-stalls-at-0-2-doge/">derail a price increase</a>.&nbsp;&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/JNfE3nKn/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1530"></p>

Dogecoin Whales Are Selling: How The Growing Bearish Sentiment Can Affect DOGE’s Price

Table of Contents

Bitcoinist

Other articles published on Apr 12, 2024

Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment “Down”?

Ripple Price Prediction: XRP Price Has Highest Potential This Bull Run, Predicts Analyst

Ex-Security Engineer Gets Three Years for First-Ever Smart Contract Hacking Conviction, Stole $12...

Ethereum Price Faces Crucial Test, Can ETH Clear This Hurdle To Kickstart Rally?

VC investments in blockchain games plunged by 57% in Q1, data shows

$25B Could Flow In Hong Kong’s Bitcoin ETFs

Join our free newsletter for daily crypto updates!