- DOGE was among the top 10 most purchased tokens from the 100 largest BSC whales
- However, there were some DOGE metrics and market indicator that were bearish.
Dogecoin’s [DOGE] Due to the ongoing bearish market, price action didn’t make investors happy. CoinMarketCap’s data During press time, DOGE fell by over 15% in the last seven working days. trading Market capitalization of more than $11.6 billion at $0.08782 and a price per share of $0.08782
DOGE was still very popular among whales, despite the poor performance. WhaleStats, which is a popular Twitter handle that updates on whale activities, reported DOGE as one of the top 10 tokens purchased by the 100 largest BSC-whales in the past 24-hours.
JUST IN $DOGE @dogecoin It is back in the top 10 most purchased tokens from 100 largest companies #BSC Whales in the past 24 hours🐳
Here are the top 100 whales: https://t.co/0SYnjw0xQs
(and hodl $BBW You can see data for the top 4000#DOGE #whalestats #babywhale #BBW pic.twitter.com/z8EpRFrgKc
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) December 11, 2022
Read Dogecoin’s [DOGE] Price Prediction 2023-2024
Looking at the metrics
Doge’s most remarkable feature was its popularity in the wider crypto space. This is not only among whales, but also across other cryptocurrency platforms. The memecoin ranked second in social dominance on the list, just behind QUACK.
TOP 10 MEME BY SOCIAL DOMINANCE
🔟 #100x pic.twitter.com/vRJGvPqUAK
— The Gem Hunters.™ 💎 (@TheGemHunters) December 11, 2022
Furthermore, Santiment’s data revealed that despite the whale interest and increased social dominance, investors could have to see a few more hard days. DOGE’s Market Value to Realized Value (MVRV) Ratio decreased over the last week.
This was a major negative sign for a blockchain. Not only this, but DOGE’s daily active addresses also witnessed a decline over the past month, suggesting a lower number of users in the network.
The rest of the metrics provided a glimpse into why the whales were confident in their abilities. DOGE. The derivatives market showed interest in the top mecoin, according to market capitalization. Its Binance funding rate was higher over the week.
Moreover, DOGE’s velocity also took the same path and increased, suggesting a possible trend reversal in the coming days.
Unpacking a bag of worries
Although there were a few metrics that supported a price rise, DOGE’s daily chart indicated that DOGE may ahve a few difficult days. Relative Strength Index (RSI), Chaikin Money Flow(CMF), both registered slight downticks which were bearish signs.
The Moving Average Convergence Divergence, (MACD), also showed a bearish crossover. The Bollinger Bands (BB) revealed that DOGE’s price was in a squeezed zone, further reducing the chances of a northbound breakout.
The Exponential Moving Average Ribbon (EMA) Ribbon indicated that bulls held the market’s upper hand. The 20-day EMA was slightly higher than the 55-day EMA.