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Dogecoin Whale Activity Hits 60-Day Low

New market data shows Dogecoin’s large-holder transactions at a two-month low, coinciding with the cryptocurrency testing critical 2024 support and trading below its 200-day EMA.

DOGE

Summary

Dogecoin’s large-holder transaction activity has fallen to its lowest point in 60 days, according to market data. The decline comes as the meme coin tests key 2024 support levels and trades below its 200-day exponential moving average (EMA). Such whale activity reductions may signal shifting market sentiment among major holders.

Terms & Concepts
  • Large-holder activity: Refers to transactions made by major holders, often called whales, whose movements can influence cryptocurrency markets.
  • Dogecoin: A cryptocurrency originally created as a meme token, now widely traded and used for payments.
  • 200-day EMA: A technical indicator representing the average price over 200 days, weighted more heavily toward recent data, used to identify long-term trends.