- Big wallets get more DOGE as the price drops.
- Despite a slight increase, the general trend remained negative.
In recent days, Dogecoin [DOGE] has experienced price declines, ending the previous month with a decline and continuing the same trend into the new month.
Despite this negative price movement, notable accumulation has been observed in certain portfolios.
Dogecoin needs more positive momentum
Analysis of Dogecoin’s daily timeframe chart showed that DOGE experienced only three days of positive price trends out of the past seven days.
Despite these brief upticks, there was a general decline over the past week as the positive trends were insufficient to offset the downward movement.
Source: TradingView
At the time of writing, DOGE was trading around $0.158, up less than 1%. It was also trading above its short-term moving average (yellow line) for now. This suggests that price development remains positive at the moment, despite the general downward trend.
Additionally, an analysis of the Relative Strength Index (RSI) indicated a shift away from the bull trend. However, at the time of writing, the bear trend remained weak, with the RSI just below the neutral line.
For DOGE to return to a bull trend, it must maintain more positive price momentum.
Whale Dogecoin wallets collect more
Analysis of Dogecoin wallet activity showed that despite the price drop, certain wallets have accumulated more of the memecoin.
According to the supply distribution table on Santiment, more than 200 million DOGE have been collected at these addresses between the end of May and the present.
Specifically, portfolios holding between 100 million and 1 billion DOGE tokens have increased their holdings.
Source: Santiment
Furthermore, an analysis of wallets containing between 100,000 and 1 million DOGE showed a similar increase in accumulation.
DOGE holders remain the same
Despite the clear accumulation in Dogecoin, the number of holders did not see an increase. Analysis of the number of holders on Santiment showed that there has been a flat trend in recent weeks.
At the time of writing, the number of holders was approximately 6.6 million, which is consistent with May figures. This meant that the accumulation took place through existing wallets.
Source: Santimet
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Moreover, there has been no significant volume trend in recent days.
Volume has dropped slightly in recent days and stands at $835 million at the time of writing. This indicates a decrease in activity in recent days.