A cryptocurrency analyst, Ali Martinez, has flagged potential warning signs in the trading pattern of meme cryptocurrency Dogecoin (CRYPTO: DOGE).

What Happened: In a tweet on Monday, Martinez outlined a concerning trend for Dogecoin, stating, "Dogecoin is experiencing a decrease in transaction volume and whale transaction count, which typically indicates lower trading activity. This could be a sign that fewer people are buying, selling, or transferring DOGE, possibly due to reduced interest or confidence in it!"

Last week’s activity for Dogecoin appeared more promising with a short-lived spike in large transactions. Metrics released by IntoTheBlock showed an increase in transactions valued above $100,000 — from 154 to 173.

Simultaneously, the community-focused tracker Doge Whale Alert observed a significant transaction in which an unknown user transferred 100 million DOGE to the Robinhood trading platform, equivalent to $7.84 million at current valuations.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Meanwhile, another crypto analyst on Sunday predicted that when meme cryptocurrency Dogecoin pumps it will set the scene for meme season.

Crypto Tony on X said, "When DOGE pump… Set the sights for #Memeseason please." 

Price Action: At the time of writing, DOGE was trading at $0.082, up 2.31% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock