DOGE price could rise despite large holders selling
- Dogecoin (DOGE) shows signs of a potential price increase, despite a slight decline in recent days.
- Large holders (whales) control 42% of the DOGE supply and could significantly influence the price trend.
- Analysts are watching to see if DOGE continues to draw capital from Bitcoin (BTC), which could further drive its price up.
Dogecoin on the Verge of a Potential Price Surge
Dogecoin (DOGE) is currently at a critical juncture. Despite a 2% weekly decline, DOGE remains relatively stable compared to other cryptocurrencies. While many altcoins have seen double-digit losses, DOGE was able to surpass the $0.14 mark thanks to a recent rally. This is the first time in two months that DOGE has reached this value.
Currently, DOGE is trading at around $0.1383 and seems to be following Bitcoin’s (BTC) price movements. Analysts speculate whether DOGE will continue to draw capital from BTC, which could push the price higher in the coming days. If this happens, DOGE could be in a position to break through previous resistance levels.
Strong Liquidity as a Potential Price Driver
An important factor for DOGE’s potential price increase is the strong liquidity at $0.144. If DOGE breaks through this level, it could lead to so-called short liquidations. This means that traders betting on falling prices would be forced to close their positions, potentially driving the price even higher.
During the last bull market, when Bitcoin nearly reached the $70,000 mark, DOGE saw daily gains of over 7%. This development has strengthened many traders’ confidence in DOGE, especially compared to other meme-coins that couldn’t keep up during the same period.
Futures Market Shows Optimistic Sentiment
In the futures market, long positions currently dominate, indicating that many traders are betting on a DOGE price increase. In the last 24 hours, trading volume has increased, and DOGE’s market capitalization has risen by 2% to $20.22 billion. If Bitcoin continues to consolidate at its current level, this could give DOGE the opportunity to benefit from the current market volatility and establish new resistance levels.
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Large Holders Could Hinder the Price Increase
Despite the positive outlook, there are also factors that could hinder DOGE’s price increase. Large holders, also known as “whales,” control about 42% of the total DOGE supply. In recent days, these holders have started selling DOGE, leading to a 7% price drop. Although DOGE managed to recover by 4% the following day, selling pressure could still pose a challenge.
The activity of these large holders will be crucial in the coming days. If they continue to reduce their holdings, it could delay or even prevent DOGE’s price increase.
Our Assessment
Dogecoin is in an interesting position. Market volatility and the behavior of large holders will be crucial in determining whether DOGE can see a price increase in the coming days. Traders should closely monitor the actions of the whales, as their behavior can significantly impact the market. Despite the positive signals, caution remains necessary, as selling pressure from large holders could halt the price increase at any time.
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
|
| Cons |
|
| Price | $0.32 |
| 24h % | 4.56 % |
| 7d % | -18.81 % |
| 30d % | -15.34 % |
| 60d % | 132.44 % |
| 1y % | 253.78 % |
| Market Cap | $47,634,637,529.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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