Amidst Market Turmoil, Dogecoin Tumbles Double-Digits as Whales Scoop Up Value

Amidst a market sell-off, Dogecoin (DOGE) has seen double-digit losses. Despite the drop, whales have been accumulating DOGE at discounted prices. Crypto trader Kevin highlights the significance of DOGE's current price levels as a critical support zone.

Amidst Market Turmoil, Dogecoin Suffers Double-Digit Losses While Whales Accumulate Assets

The cryptocurrency market has endured a severe downturn over the past 24 hours, with a significant sell-off of major digital currencies such as Bitcoin (BTC) and Ethereum (ETH). The bearish market sentiment has also impacted the world's largest memecoin, Dogecoin (DOGE).

According to data from CoinMarketCap, DOGE has lost over 10% of its value in the past 24 hours, bringing its weekly losses to 20% and its monthly losses to over 38%. This plunge has triggered liquidations of more than $15 million in DOGE positions on the derivatives market, as reported by AMBCrypto based on data from Coinglass.

Amidst this market turbulence, crypto trader and commentator Kevin has highlighted the importance of DOGE's current price levels. He has emphasized that the 12.5-13 cents level serves as a critical support zone, and DOGE needs to maintain it to preserve bullish sentiment. "If we do lose this zone then we will reassess this market," Kevin stated.

However, while the market has been plagued by bearishness, whales have seized the opportunity to accumulate DOGE at discounted prices. AMBCrypto's analysis of Santiment's data reveals an increase in large transactions worth over $100,000 in the past two days. Additionally, addresses belonging to cohorts holding between 1,000 and 1 million DOGE have witnessed an uptick. These indicators suggest that wealthy investors are actively purchasing DOGE during this dip.

Moreover, data from Hyblock Capital analyzed by AMBCrypto indicates that the percentage of whale positions longing for DOGE has grown from 72.9% to 74.85% over the past 24 hours, demonstrating a growing bullish sentiment among these influential investors.

Despite the recent price declines and increased selling activity, DOGE's social activity has risen in the past 24 hours, as evidenced by more mentions on prominent crypto-focused channels. However, the overall commentary on DOGE remains pessimistic, with the Weighted Sentiment indicator trending negatively.

As the cryptocurrency market continues to navigate this turbulent period, it remains uncertain whether DOGE will be able to regain its previous momentum. The current price levels and the actions of whales will play a crucial role in shaping the future trajectory of this digital asset. Investors are advised to exercise caution and closely monitor market developments before making any investment decisions.