- Dogecoin whale activity has surged by 63% in large transactions within 24 hours.
- The Stochastic RSI suggests that a short-term correction is likely despite the increasing social volume.
Dogecoin (DOGE) has seen a surge in whale activity over the past 24 hours. Large transactions have surged by 63%, with whales moving 65.41 billion DOGE. This massive holding by the largest players in the market accounts for 41% of Dogecoin’s total supply.
The aforementioned surge in whale activity suggests that large investors are taking positions, which could lead to increased market volatility.
A surge in whale trading tends to precede potentially significant price movements. When whales make such large moves in DOGE, the market usually follows their moves.
Therefore, this could be a signal that the price is likely to fluctuate significantly.
Source: IntoTheBlock
Dogecoin social volume is increasing
Dogecoin social volume has been on an upward trajectory for the past three days. Social volume helps in determining some market sentiment.
Historically, higher conversation volume has led to increased demand and interest from new investors.
Increased social media activity could lead to more conversation in the cryptocurrency ecosystem surrounding Dogecoin, which could further fuel speculation about Dogecoin.
Source: Santiment
Stochastic RSI suggests a short-term correction.
Despite these encouraging signals, the Stochastic RSI has just completed a Bearish crossover, suggesting that the market may face a slight correction before resuming its upward momentum.
Dogecoin is on the verge of a bullish breakout, but this crossover suggests a slight pullback before the next move.
Source: Tradingview
Read Dogecoin (DOGE) Price Prediction 2024-2025
Whale activity is high and social interest is high. However, the bearish Stochastic RSI crossover reminds us that short-term corrections are bound to occur before major price action.
For now, it may be best to stand firm and wait for better signals.