Dogecoin Faces Further Decline Amid Falling Whale Transactions

NEW YORK, NY — Dogecoin (DOGE) continues to struggle, trading at approximately $0.24 after experiencing a steep decline of more than 7% in the past week. This downturn has prompted concerns among analysts who believe a further correction may be on the horizon due to bearish divergences reflected in DOGE’s momentum indicators.

According to data from Santiment, transactions among DOGE whales have dipped significantly, indicating a potential loss of confidence. The number of whale transactions exceeding $100,000 dropped from 20,200 to 6,200 since early November, while transactions over $1 million fell from 3,490 to 850 during the same period. This trend suggests that key investors may be shedding their holdings, thereby undermining price stability.

Last week, Dogecoin’s price fell 7.15%, closing below the significant 50% retracement level set between a low of $0.05 in August and a high of $0.48 in December, settling at $0.27. Currently, it hovers around $0.24. If the downward trend persists, it could lead to a test of the weekly support level at $0.18.

The Relative Strength Index (RSI) for DOGE is currently at 48, beneath its neutral threshold. Meanwhile, the Moving Average Convergence Divergence (MACD) has shown a bearish crossover, reinforcing expectations of a continuing downtrend.

In related cryptocurrency news, Bitcoin‘s (BTC) price has also been under pressure, trading around $97,800 after hitting a low of $91,231. Following a report from CryptoQuant, 14,000 long-dormant BTC moved on Monday, indicating an uptick in market activity, yet Bitcoin’s net flow remains at levels reminiscent of the FTX collapse.

Ethereum (ETH) and Ripple (XRP) are facing similar setbacks, with both currencies dropping over 7% last week. Reports of President Donald Trump‘s plan to announce reciprocal tariffs have injected volatility into the market, causing fears of a potential trade war equally impacting traditional markets and cryptocurrencies.

Ripple made headlines by announcing a partnership with Unicâmbios, a Portuguese currency exchange provider. Analysts note that this collaboration, along with the expected progress on XRP exchange-traded funds (ETFs), could provide some buoyancy to XRP’s price in the coming weeks.

Meanwhile, Litecoin (LTC) has seen a recovery of over 8%, now trading around $116 after rebounding from key support levels. Although bullish indicators point towards possible gains, caution is advised as increased profit-taking could influence selling pressure.

Investors are advised to remain vigilant amid this turbulent climate, with relevant market data continuing to evolve day by day. The interplay between large transactions, network activity, and macroeconomic factors will likely shape the weeks ahead for these cryptocurrencies.