Bearish Feelings Affect Dogecoin
Despite being a favorite of Elon Musk, Dogecoin (DOGE) has had little fluctuation over the last week, indicating that analysts are more negative than bullish. Despite this, large crypto whales are unfazed by the recent price decline, according to a series of tweets from WhaleAlert.
Whales Transfer Huge Amounts of Dogecoin
A recent transfer between “unknown” wallets involved 1.2 billion DOGE worth $99,241,593, according to WhaleAlert, a leading tracker of significant cryptocurrency transactions.
Despite a recent price increase, the meme currency has seen a drop in value of 13.11 percent over the past week and a 47.66 percent drop in its 24-hour trading volume, which is at $392 million.
Future Prospects for Meme Coin
Despite having recovered more than 60% from its lows in 2021, Dogecoin’s ongoing volatility have made it challenging for investors to maintain their optimism. Shiba Inu, Baby Doge Coin, BONE, and other meme currencies that have lately surpassed Dogecoin in the market are putting pressure on the top meme cryptocurrency in the meanwhile.