After falling from a high of $0.30 a month ago, Dogecoin has been underperforming. As of the time of writing, the monthly decline is 13.2%, with the current price at $0.2087, a slight increase of 6.35% over the past 24 hours. Despite the sluggish market, on-chain data reveals a brewing tug-of-war between bulls and bears.
Sleeping giant whale awakens, $2.95 million strong bottom fishing
On-chain monitoring platform discovers a dormant Dogecoin whale that had been silent for 11 months suddenly awakens, withdrawing 15.115 million DOGE from Binance, valued at approximately $2.95 million. Although a small amount of 7,473 DOGE (about $1,450) was sold shortly after, it still holds 15.19 million DOGE, with a total value as high as $12.96 million.
This long-dormant whale becoming active again usually means that large funds believe the current price level holds investment value, optimistic about mid- to long-term upside potential.
Retail investors continue to sell, and the selling pressure has not dissipated yet
In stark contrast to whales, retail investors are continuously exiting the market. Data shows:
October's spot trader capital flow indicators continue to be negative
In the past 30 days, sell orders have consistently outnumbered buy orders
Current sell volume is 156,670,000 coins, with buy volume only at 154,870,000 coins
Net sell of 1,790,000 coins
This is precisely why the entry of whales still struggles to push prices up—the selling pressure from retail investors has not cleared.
$0.20 is the lifeline for bulls and bears
Currently, Dogecoin is at a critical technical node:
Negative factors:
Price is below all key moving averages
Directional movement index shows bearish strength is dominant
Overall still in a downtrend
Positive hope:
If it can hold above $0.20 (20-day moving average)
Subsequent breakthrough at $0.21 (50-day/100-day moving average)
Mid-term target can be seen at $0.22
If key support cannot be held, Dogecoin may continue to oscillate in the $0.17-$0.20 range, and the direction remains unclear in the short term.
Operational Suggestions
For investors with different styles:
Short-term players: Pay attention to the $0.20 breakout situation
Long-term holders: Refer to whale movements for gradual positioning
All players: Strictly set stop-losses and control positions
Remember: In the game between whales and retail investors, finding your own position is key to stable profits.
Interactive Topics
Do you think Dogecoin can return to $0.30?
Do you currently hold Dogecoin?
Share your operational strategy in the comments!
The data in this article comes from publicly available blockchain information and does not constitute investment advice. The market has risks; invest cautiously.
