Dogecoin Whales Surge as Stochastic RSI Signals Potential Drop

Dogecoin sees a 63% increase in whale transactions over the last 24 hours.
Stochastic RSI indicates a potential short-term pullback despite rising interest on social media.

In the last 24 hours, Dogecoin [DOGE] has experienced a noticeable uptick in whale activity. Large transactions rose by 63%, with whales transferring 65.41 billion DOGE. This significant volume held by major market players constitutes 41% of Dogecoin’s overall supply.

The recent surge in whale activity implies that sizable investors are positioning themselves, which may lead to heightened market volatility.

A rise in whale transactions often precedes major price shifts. When whales execute such sizeable movements in DOGE, it commonly results in similar market reactions.

Thus, this could indicate that a substantial price shift may be forthcoming.

Source: IntoTheBlock

Dogecoin’s social volume has been climbing over the past three days. Social volume can provide insights into market sentiment.

Historically, a surge in conversations can lead to increased interest from new investors, thereby boosting demand.

The heightened social volume indicates growing discussions around Dogecoin in the crypto community, potentially driving further speculation and buzz.

Source: Santiment

Stochastic RSI indicates potential short-term correction

While these positive developments persist, the stochastic RSI has indicated a bearish crossover. This scenario may suggest a minor correction ahead of any renewed upward movement.

Even though Dogecoin is showing signs of a bullish breakout, this crossover hints at a likely retracement before the next upward trajectory.

Source: Tradingview

Read Dogecoin’s [DOGE] Price Prediction 2024–2025

With heightened whale activity and increased social interest, the bearish crossover in the stochastic RSI serves as a reminder that short-term corrections can occur before any major price shifts.

For the present, it may be prudent to hold steady and await clearer signals before taking action.