The cryptocurrency market remains calm over the weekend after a back-and-forth movement. In this calm environment, there is also a decrease in whale movements. Of these, there is a noticeable decline in the transactions of DOGE whales.
There is a decline in meme coin whale transactions!
Dogecoin (DOGE) is no longer the favorite of market whales, based on the multiple positive on-chain metrics it displayed today. According to IntoTheBlock (ITB) data, Dogecoin’s major trading volume last week remained steady at just over $1 billion. This represents a marginal 1% decrease over that time period. Expanding the numbers, DOGE processed approximately 756 transactions in the week to date (WTD) period, compared to the more than 1,005 transactions it recorded as of October 2. With large transactions, ITB data attributes them to cash movements worth $100,000 or more.
DOGE Whale Transactions. Source: IntoTheBlockAs you can see, the relative dearth of whale transactions is a broader reflection of the currently lackluster sentiment in Dogecoin overall. According to ITB data, Daily Active Addresses also fell to 1.32%. This figure remained steady at just over 45,000. DOGE has been in a downward trend for a while now. However, at the time of this writing, it is up 0.26% to $0.06127. This recovery is too weak to be trusted. However, the altcoin needs to show more convincing fundamentals to help sustain its price increase.
What could drive DOGE price?
Despite the difficulty of providing an answer to this question, Dogecoin could benefit greatly from the rebirth of some of its most important technical indicators, including but not limited to total number of transactions, average trading volume, large transactions, and social sentiment. Current data shows an increase in transaction volume of approximately 2%. However, according to experts, sustaining this uptrend is crucial not only to stabilize the DOGE price, but also to help chart a new growth path.
Dogecoin price projection by market analysts
Various market experts predict that Dogecoin will surpass the $1 milestone in the near future. As you follow from Kriptokoin.com, the popular meme-coin has steadily gained value over the past few months. Many people believe this trend will continue. Crypto analyst Ash WSB says Dogecoin is undervalued. That’s why he has his sights set on the $1 mark. Another investor, Matt Wallace, also expects prices to rise to $0.90 soon.
Crypto Rover goes even further, predicting that Dogecoin will soon be integrated into Twitter, giving over 200 million users a reason to use DOGE, ultimately increasing its value. There are rumors that Elon Musk will integrate it into Twitter. This is likely to increase its value even further.
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