In the midst of recent sharp declines, Dogecoin (DOGE) is currently showing signs of a potential recovery as it follows an upward trend in the volatile world of memecoins.
In 2023, Dogecoin whales have significantly decreased their holdings, as reported by cryptocurrency analysis platform IntoTheBlock. Data reveals that the percentage of Dogecoin held by these large holders has dropped from 45.3% to 41.3%.
The largest Dogecoin whales have been steadily reducing their holdings over the past year, with those owning more than 0.1% each now holding a smaller share of the total supply. Conversely, retail and mid-sized investors have increased their stake in Dogecoin.
The analysts at IntoTheBlock suggest that this trend may indicate a strategic shift by DOGE whales in response to market movements.
Additionally, the Santiment platform recently noted a decline in crowd sentiment towards Dogecoin and two other cryptocurrencies. This drop in sentiment could present an opportunity for patient traders looking to capitalize on potential price increases in 2024.
Looking ahead, Santiment’s 30-day MVRV for Dogecoin indicates a high potential for a price surge in the near future, as it stands at -16.7%, signaling a very bullish outlook.
As of the time of writing, Dogecoin is priced at US$0.1229, reflecting a 2.1% increase in the last 24 hours.
Please note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks that could result in financial loss.
