Dogecoin, the first meme currency in the crypto industry, has been leading the meme coin market cap for years now. Currently, it is the 10th largest cryptocurrency by market cap, competing strongly against Bitcoin (BTC) and Ethereum (ETH).
Dogecoin has always been an asset that has been easily affected by market turmoil, macroeconomic conditions, and more, as price action largely relies on social mentions.
At the moment, Dogecoin is valued at $0.059 after a loss of 0.22% in the last 24hrs and a fall of 0.20% over the last week. The immediate resistance lies at $0.065 while the support is positioned at $0.055.
Dogecoin’s price action has been trading sideways since August 2022, a trend that is likely to continue. The Fibonacci retracement level of DOGE is established from the local high of $0.172 to the last low of $0.049. This action was last recorded in August and pulled the currency into consolidation when the currency failed to maintain its price action above the support area.
Dogecoin Whale Action Dips
The current trading area is trying to attract minimal buying pressure, which will help the currency not to fall to the Fibonacci level that has been mentioned above.
Prior to this, Dogecoin was known for its volatility which was heavily influenced by whale holders. Whales have always played a major role in the price action of any asset, but more so for Dogecoin as whales dominate 48.88% of its total supply.
Since January 2022, the whale action for Dogecoin has plunged from $10-$15 billion to below $1 billion.
During the same time, the number of Dogecoin holders increased, especially long-term holders. Holders of the currency rose from 41% in January to 67.8% for the month. This increase may be due to whales still holding onto their currencies.
