Dogecoin, the pioneer of meme coins, has seen better days. After a 32% crash from $0.46, its price is now at $0.32, trying to establish this level as a support floor. As retail investor interest appears to wane, whales are stepping in to steady the ship. Large-value transactions exceeding $100,000 surged to 9,410, the highest since November 2021. This activity has historically played a crucial role in stabilizing Dogecoin during turbulent times.
However, challenges persist. The Chaikin Money Flow (CMF) indicator is hovering near neutral, indicating minimal inflows. This reflects cautious market sentiment and a lack of significant buying pressure. For Dogecoin to regain momentum, it needs to turn $0.36 into support and target $0.40. Failure to hold on to $0.32 could result in a decline towards $0.28, invalidating bullish hopes and making DOGE vulnerable to further losses.
Despite these obstacles, Dogecoin’s enduring popularity and whale activity offer a glimmer of hope. Its ability to weather market storms and meme appeal ensures that DOGE remains one of the best new coins to invest in for short-term opportunities.