Dogecoin has entered a period of relative quiet, with large holders — referred to as whales — staying on the sidelines. Dogecoin whales have now been quiet for four weeks, with no major buying or selling activity. This suggests that whales might be taking a wait-and-see approach as Dogecoin charts its next course on the markets.
At press time, DOGE was trading at $0.1294, reversing a two-day drop from Dec. 16. Dogecoin is trading below the crucial monthly support at the MA 50 at $0.138, and a return above this level might reinforce strength to target $0.30.
The broader crypto market has remained in a weakened position since October’s flash crash. Dogecoin ended November down 21.69%. Selling pressure was unabated in December, with Dogecoin down 11.42% so far this month and on track to close its third consecutive red month in Q4. Santiment shows the nonempty wallets on the Dogecoin network at about 8.13 million, trailing only ETH, BTC and USDT among large-cap assets.
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