In the volatile cryptocurrency market, Dogecoin whales are causing concerns for investors. According to Santiment platform data, these large investors have sold around 1.32 billion Dogecoins in the past 48 hours, leading to a decrease in market confidence. This extensive sell-off has resulted in a roughly 4% drop in Dogecoin price and also indicates a decrease in risk appetite among investors, which may further pressure the price of this meme coin in the coming days. Analyst Ali Martinez, referencing Santiment data, warned that weakness in risk appetite could intensify the downward trend. He also highlighted a key support maintained since October 2023. This level coincides with the 61.8% Fibonacci correction level at $0.13 and is considered a critical zone for short-term price direction. In recent trades, Dogecoin price reached $0.1467, and its daily trading volume dropped by 26% to $1.99 billion. CoinGlass market derivatives data also show a 1.12% decrease in the Dogecoin trading volume index, indicating a negative market sentiment. Martinez predicted that if the selling pressure persists, Dogecoin price could plummet by another 59% to $0.06.
