As January 2025 approaches its end, the price of Dogecoin (DOGE) is stuck below $1. On-chain data shows that large transactions of Dogecoin have recently declined sharply, suggesting that the whales are no longer active on the network. Dogecoin: waning momentum or temporary setback?
Dogecoin's failure to break the $1 barrier raises concerns about its position in the cryptocurrency space. Although Dogecoin still benefits from its meme coin reputation and sporadic social media buzz, it has struggled to maintain growth.
Despite having a loyal follower base, the lack of significant developments beyond speculation has made Dogecoin susceptible to market fluctuations. It remains unclear whether these are temporary obstacles or deeper issues; however, many investors seeking positive growth opportunities are searching.
Now, here is a chart showing the trend of Dogecoin whale transactions over the past few months:
As shown in the figure above, the number of Dogecoin whale transactions surged to a high in November, indicating that the network is receiving a lot of activity from whales.
Since peaking in mid-November, the indicator has been on an overall downward trend. Nowadays, the blockchain witnesses only 25 transactions from whales daily, a decline of nearly 88% compared to the peak.
With this recent plunge, the indicator has fallen below the 200-day moving average. 'The last two times this happened, prices fell by 26% and 44%, respectively,' analysts noted.
DOGE Price
At the time of writing, Dogecoin is trading at approximately $0.264, having risen nearly 6% in the past seven days.
