Dogecoin Down 9%: What Is Going On?

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Santiment data reveals whales purchased 140M DOGE worth $56M in 24 hours.
Analysts eye $0.34 as a potential long-entry point, with expectations for a rebound next week.
The ‘Trade of the Day’ is now live. Get a high-probability setup with clear entry and exit points right here.

Dogecoin’s DOGE/USD 9% price pullback presents a potential buying opportunity, according to optimistic cryptocurrency traders on social media.

What Happened: After an 88% rally over the past week, Dogecoin has dropped 9% in Friday trading.

On-chain tracker Lookonchain reported that a whale shifted all funds from the SPX meme coin to DOGE in the past two days, selling 10.6 million SPX for $6.2 million and using the proceeds to buy 13.95 million DOGE worth $4.88 million.

Despite the dip, Dogecoin remains one of the top-performing meme coins:

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.3749	$55 billion	-8.9%	+88%
Shiba Inu SHIB/USD	$0.00002426	$14.3 billion	-6.1%	+27%
Pepe PEPE/USD	$0.00002179	$9.1 billion	-1.3%	+97%

Trader Notes: Crypto analyst Ali Martinez predicts a 22% price move for DOGE, depending on an hourly close outside the $0.42-$0.38 range.

#Dogecoin $DOGE is on the verge of a 22% price movement. An hourly close outside of the $0.42-$0.38 pocket will determine the direction of the breakout. pic.twitter.com/nAu6OHpShM
— Ali (@ali_charts) November 14, 2024

Trader Scient plans to long DOGE at $0.34, noting a possible wick to $0.32 but expects higher prices next week if $0.34 holds.

Another trader, Cantonese Cat, analyzed the DOGE weekly chart and predicted "another 3-4 weeks to accumulate at this level before shooting up, possibly to $4?"

Crypto trader Kevin identifies $0.30-$0.26 as Dogecoin's key support zone, aligning with the golden pocket retracement. This 30-40% correction from the local top is seen as a healthy pullback during a bull market.

Statistics: IntoTheBlock data shows large transaction volume increasing by 41.1% and daily active addresses up by 34.9%. Transactions greater than $100,000 are up from 3,230 to 4,997 in a single day. Meanwhile, Martinez noted Dogecoin whales purchased 140 million DOGE, worth $56 million, in the past 24 hours.

Community News: Binance Japan has launched a zero-fee spot trading promotion for XRP, Dogecoin and Cardano against the Japanese Yen, running from Nov. 15 to Nov. 27.

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