Large investors of Dogecoin DOGE/USD have adopted a wait-and-watch strategy amid the meme coin’s ongoing corrective phase, an influential cryptocurrency analyst said Wednesday.
What Happened: Ali Martinez, who frequently analyzes technical and on-chain indicators of top coins, noted that Dogecoin whales have “stayed on the sidelines,” with no significant buying or selling activity.
Whales are identified as wallet addresses holding more than 1% of a coin’s supply. Combined, they owned over 41% of Dogecoin’s supply as of this writing, according to IntoTheBlock.
Notably, the world’s largest meme coin, valued at over $37 billion, has slid 3.37% in the last week and over 25% over the month, potentially eroding buying interest. However, the reluctance to sell indicated confidence in a rebound.
Trader Tardigrade, a popular trader known for their bullish outlook on Dogecoin, drew attention to the Stochastic Relative Strength Index’s crossover in the oversold zone, prompting a target of $1.50 for the coin. Should the prediction come true, it'd mean an upside of 500% from Dogecoin's prevailing price.
The Stochastic RSI measures the level of the RSI relative to its high-low range over a period, essentially indicating whether RSI itself is overbought or oversold.
See Also: Bitcoin ‘Early In Bull Market,’ Can Compete With Gold ETFs, Blockstream CEO Says
Why It Matters: The stagnating whale activity coincided with a fall in speculative interest for the meme coin.
According to Coinglass, Open Interest in Dogecoin futures fell 53% over the month, indicating little desire to bet on the coin’s upcoming moves.
A cryptocurrency analyst dubbed this a "meme-pocalypse", suggesting that while meme coins took a hit, it could be a reset rather than a total collapse.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.2568, down 2.78% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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