Large investors Dog Doge/USD An influential cryptocurrency analyst said Wednesday that a strategy of waiting to be seen was adopted during the ongoing correction phase of the meme coins.
what happened: Ali MartinezHe often analyzes the technical and chain indicators of top coins and points out that dog whales have “stayed on the field” and have no obvious buying and selling activities.
The whale was identified as a wallet address holding a coin supply of more than 1%. According to Intotheblock, they have a supply of 41% of domycin after the merger.
It is worth noting that the world’s largest meme coin, worth over $37 billion, fell 3.37% last week and more than 25% in the month, which could erode purchase interest. However, reluctance to sell shows confidence in the rebound.
Trader TardigradeA popular businessman known for his bullish outlook on Dogecoin, he noted the crossover of the stochastic relative power index in the oversell area, prompting the coin’s target of $1.50. If the forecast comes true, it means that it means 500% upside compared to Dogecoin’s main price.
Random RSI measures the level of RSI relative to its high and low range over a period, essentially indicating whether RSI itself is over-trading or oversold.
See: Blockstream CEO says Bitcoin can compete with gold ETFs “in the early stages of a bull market”
Why it matters: Stagnant whale activity with meme coins speculative interest declines.
According to Coinglass, open interest in Dogecoin futures fell 53% this month, indicating fewer willingness to bet on the coin’s upcoming move.
A cryptocurrency analyst called it “meme seeds,” suggesting that while the meme coin was hit, it could be a reset rather than a complete crash.
Price action: At the time of writing, Dogecoin exchanged $0.2568 for $0.2568, down 2.78% in the past 24 hours, according to Benzinga Pro.
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