The Huge Whale That Holds DOGE's Fate In Its Hands - A Dizzying Downfall Imminent?

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3 years ago

$ 22 billion from DOGE and no sales planned

With over 36 billion DOGEs in its possession, this address is unmistakably that of a whale. It is possible to draw some lessons from its behavior. Let us continue our analysis with the dates of the last important entries on the address. During the months of January and February, the address added in quick succession 7 billion DOGE to its bag. Since then, no entry greater than 1000 DOGE has been observed. Nevertheless, a continuous stream of small transactions water the address. We could therefore assume that the person (s) behind the DOGE mine address with low mining capacity. On the graph below, the red dotted lines correspond to the price of the last big entries.

We can draw 2 conclusions from these observations. First, our whale knows what it is doing and has built up a buying average that is much lower than the current price, as banks and professional long-term traders do. Secondly, this address does not seem to be at the origin of the current pump which finds its causes elsewhere.

Watch out for the sleeping whale!

As you can see below, the currency's mad rush to shiba Inu came to a halt at a 1.618 Fibonacci extension. We won't go into the details of using Fibonacci ratios, but note that these levels are watched by all traders and are especially meaningful for analyzing the price movement of digital assets.

Fibonacci retracement is not an exact science. Yet you can see it above: The previous drop in DOGE caused a 64% drop and took the price between the 0.618 and 0.786 levels. It is therefore not impossible for the DOGE to continue its ascent and reach the level of 0.90. However, when our whale is going to wake up, the fall will be brutal.

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