Dogecoin whale activity surged 49.6% to $1.32 billion in 24 hours on October 10th, while trading volumes dropped 22% to $153.7 million.
A discrepancy exists between retail and large-holder DOGE trading, indicating a tug-of-war in the market.
Despite the current bearish trend, major holders are accumulating DOGE, suggesting long-term bullish expectations.
Dogecoin has seen a divergence between lackluster prices and a spike in whale activity amid the latest crypto sell-off.
Data from IntoTheBlock shows Dogecoin whale transactions jumped 49.6% to $1.32 billion over 24 hours as of October 10th. This contrasts with a 22% drop in trading volumes to $153.7 million reported by CoinMarketCap.
The mismatch suggests significant counterbalancing forces between retail and large-holder DOGE trading. As broader sentiment wanes, whales appear to be buying up discounted Dogecoin.
This comes amidst slumping Dogecoin price
This comes even as Dogecoin hovers around $0.05871, down 17% in recent days. But Dogecoin’s daily active addresses have also ticked 2.45% higher to 45.4K addresses, per IntoTheBlock.
The conflicting on-chain data highlights fluid trading conditions across the Dogecoin market spectrum. Weak retail enthusiasm is being offset by resurgent whale accumulation.
Major holders seem to be capitalizing on Dogecoin’s protracted price depression to build positions for an eventual recovery. Their network activity hints at bullish expectations in the long term.
For now, Dogecoin remains technically bearish and constrained by the downtrend. But its strong whale support offers a silver lining amid the ongoing malaise.
If the uptick in large-holder transactions persists, it could lay the groundwork for reduced selling pressure and scope for a trend reversal when macro conditions improve. Whales are bidding their time and buying the dip ahead of the next meme coin mania.