DOGE was listed among the top 10 purchased tokens among the 100 largest BSC whales
However, some DOGE metrics and market indicators were bearish

Dogecoins [DOGE] price action failed to make investors happy, thanks to the ongoing bearish market. CoinMarketCaps data revealed that DOGE was down more than 15% in the past seven days and was at the time of writing trade at $0.08782 with a market cap of over $11.6 billion.

Despite the negative performance, DOGE still managed to remain quite popular among the whales. According to WhaleStats, a popular Twitter handle that posts updates on whale activity, DOGE was listed among the top 10 purchased tokens of the 100 largest BSC whales in the past 24 hours.

Read Dogecoins [DOGE] Price prediction 2023-2024

A look at the statistics

What was most interesting about DOGE was that the memecoin continued to be popular in the wider crypto space and not just among whales. The memecoin was ranked second on the list of top memecoins in terms of social dominance, behind only QUACK.

In addition, Santiment’s data revealed that, despite the interest in whales and increased social dominance, investors could face a few more tough days. DOGE’s Market Value to Realized Value (MVRV) ratio has fallen over the past week.

This was generally a negative signal for a blockchain. Not only that, but DOGE‘s daily active addresses have also decreased over the past month, indicating a lower number of users on the network.

Source: Sentiment

However, the rest of the statistics gave a little insight into why the whales were confident DOGE. The top memecoin in terms of market cap received interest from the derivatives market as Binance funding rates rose over the past week.

In addition, the speed of DOGE followed the same path and increased, indicating a possible trend reversal in the coming days.

Source: Sentiment

A bag full of worries

While a few stats favored a price pump, DOGEThe daily chart indicated that DOGE could have a rough few days. For example, the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) registered slight declines, which were bearish indications.

In addition, the Moving Average Convergence Divergence (MACD) showed a bearish crossover. The Bollinger Bands (BB) revealed that the price of DOGE was in a tight zone, further reducing the chances of a breakout to the north.

However, the Exponential Moving Average (EMA) Ribbon suggested that the bulls had the upper hand in the market. This was because the 20-day EMA was slightly above the 55-day EMA.

Source: TradingView

This post Dogecoin: A renewed whale interest could mean this for DOGE in the coming days

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