Dogecoin Plummets 17% In A Week: What Is Going On?

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Despite a 6% drop and a 17% weekly decline, traders highlight significant whale accumulation over the weekend.
A trader predicts a “decent move” for Dogecoin during the next altcoin rally, but not a repeat of its November 2024 surge.
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Dogecoin DOGE/USD opens the week down 6% after dropping 17% over the past seven days, with traders voicing only muted optimism for its future.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.3175	$46.9 billion	-6.2%	-17.5%
Shiba Inu SHIB/USD	$0.00002017	$11.9 billion	-7.1%	-16%
Pepe PEPE/USD	$0.00001616	$6.8 billion	-9.1%	-21.9%

Trader Notes: Crypto trader Cephii observed Dogecoin's performance relative to Solana SOL/USD, calling it the "meme coin vs. the chain of infinite meme coins."

He argues that Dogecoin might be the best buy among fragmented liquidity in Layer-1s, Layer-2s and meme coins.

Altcoin Sherpa suggests Dogecoin could deliver a "decent" move when altcoins rally but is skeptical about it leading the market like it did in November 2024.

He calls it a "fine buy" but advises traders to remain patient.

$DOGE not too many thoughts on this, think that it's going to make a decent sized move when alts go but not sure if it's going to lead like we saw in early November. Probably a fine buy but would be patient pic.twitter.com/KMpftjl8C1
— Altcoin Sherpa (@AltcoinSherpa) January 12, 2025

Trader Tardigrade emphasizes bullish signals for Dogecoin, citing fractal patterns and an RSI alignment as signs of an impending rally.

He urges patience, stating that the coin could deliver strong returns in the near future.

Statistics: Whale Alert data, in a post on X on Jan. 10, shows around 112.7 million DOGE, worth $37.99 million, transferred from an unknown wallet to Coinbase.

Crypto chart analyst Ali Martinez highlighted on Saturday on X that whales purchased 470 million DOGE in the past 24 hours.

Coinglass data shows DOGE Derivates trading volume spiked 62.6% to $5 billion in the past 24 hours, while liquidations stand at $15.88 million, with $13 million in long liquidations.

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