Over the last 24 hours, Dogecoin [DOGE] has witnessed a notable surge in whale activities, with a substantial 63% increase in large transactions totaling 65.41 billion DOGE. This significant concentration of holdings by major market players accounts for 41% of Dogecoin’s overall supply.
The heightened whale movement indicates that prominent investors are taking strategic positions, potentially leading to heightened market volatility.
In the past, escalated whale transactions have often foreshadowed significant price adjustments. When these whales make substantial moves in DOGE, the broader market typically follows suit.
This recent development could be signaling a forthcoming notable price shift in the market.
Source: IntoTheBlock
Dogecoin’s Social Volume Witnessing a Surge
Recent data shows that Dogecoin’s social volume has seen a consistent uptrend over the last three days. Social volume plays a crucial role in interpreting market sentiment.
Historically, spikes in conversation volumes often indicate rising interest among new investors, subsequently increasing demand.
The increased social volume might suggest a growing buzz within the crypto community about Dogecoin, potentially impacting speculations that could further bolster its value.
Source: Santiment
Stochastic RSI Highlights Likelihood of a Short-Term Correction
Although the recent trends are positive, the stochastic RSI has recently experienced a bearish crossover. This indicates a probable minor correction period before any substantial upward movement can resume.
Despite Dogecoin teasing a bullish breakout, the current crossover suggests a brief pullback before initiating its next significant move.
While whale activities remain strong and social interest is on the rise, the bearish stochastic RSI crossover serves as a reminder that short-term corrections are expected before major price shifts.
Patience and vigilance in monitoring signals are advisable strategies in the current market scenario.