- DOGE was on the list of the top 10 purchased tokens among the 100 biggest BSC whales
- However, a few DOGE metrics and market indicators were bearish
Dogecoin’s [DOGE] price action did not manage to make the investors happy, thanks to the on-going bearish market. CoinMarketCap’s data revealed that DOGE was down by more than 15% in the last seven days and at press time was trading at $0.08782 with a market capitalization of over $11.6 billion.
Despite the negative performance, DOGE did manage to remain quite popular among the whales. As per WhaleStats, a popular Twitter handle that posts updates about whale activities, DOGE was on the list of the top 10 purchased tokens among the 100 biggest BSC whales in the last 24-hours.
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) December 11, 2022
Read Dogecoin’s [DOGE] Price Prediction 2023-2024
Glancing at the metrics
What was most interesting about DOGE what that the memecoin remained popular in the broader crypto space and not just among whales. The memecoin ranked second on the list of top memecoins in terms of social dominance, only behind QUACK.
TOP 10 MEME BY SOCIAL DOMINANCE
— The Gem Hunters.™ 💎 (@TheGemHunters) December 11, 2022
Furthermore, Santiment’s data revealed that despite the whale interest and increased social dominance, investors could have to see a few more hard days. DOGE’s Market Value to Realized Value (MVRV) Ratio decreased over the last week.
This was by and large a negative signal for a blockchain. Not only that, but DOGE’s daily active addresses also witnessed a decline over the past month, suggesting a lower number of users in the network.
However, the rest of the metrics gave a slight understanding of why the whales had confidence in DOGE. The top memecoin in terms of market capitalization, received interest from the derivatives market as its Binance funding rate went up over the last week.
Moreover, DOGE’s velocity also took the same path and increased, suggesting a possible trend reversal in the coming days.
A bag full of concerns
Though a few of the metrics were in favor of a price pump, DOGE’s daily chart indicated that DOGE may ahve a few difficult days. For instance, the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) registered slight downticks, which were bearish indications.
Furthermore, the Moving Average Convergence Divergence (MACD) displayed a bearish crossover. The Bollinger Bands (BB) revealed that DOGE’s price was in a squeezed zone, further reducing the chances of a northbound breakout.
However, the Exponential Moving Average (EMA) Ribbon suggested that the bulls had the upper hand in the market. This was because the 20-day EMA was slightly above the 55-day EMA.