Dogecoin further crashed by as much as 9.1% to $0.3448 today. Its price has been oscillating between $0.3825 and $0.3359 in the Tuesday trading session, as of this writing. Trading volume of the crypto also went down, coming closer to $6.8 billion.
Furthermore, Dogecoin Futures Open Interest has dipped by 12%. Nevertheless, there are several optimistic indicators about this cryptocurrency as whale transactions on the network surge.
Whale Activity Boosts Hope for DOGE Coin’s Future
Dogecoin’s price is comparatively low, but the number of whale transactions has pointed out that investors are still positive about the dog-themed memecoin. Famous crypto analyst Ali Martinez reported that “the number of transactions over $1 million on the DOGE network is on the rise, hitting 588 transactions in the past 24 hours.“
These substantial transactions are evidence of belief in the DOGE coin by investors. The market is highly positive that the whale transactions may trigger a price increase if favorable trends occur.
Dogecoin Struggles Despite Elon Musk’s “DOGE to Mars” Statement
Elon Musk, who has long supported Dogecoin, made a statement saying “DOGE to Mars.” While Musk’s statements have contributed to a surge in the price of Dogecoin previously, the memecoin has continued to struggle. This can be owed to the resemblance with the Department of Government Efficiency (D.O.G.E) with investors not sure which if he meant Dogecoin or the DOGE department.
Legal issues surrounding the D.O.G.E. department and leadership changes, including Vivek Ramaswamy’s expected departure, have also created uncertainty around its future. While DOGE coin’s price has seen a dip, the growing whale activity offers hope for a future rally.
Dogecoin has faced challenges, but investor confidence and strong market interest remain steady. As the community watches, analysts are hopeful that the dog memecoin will stabilize and potentially rise in the coming days.
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