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price Dogecoin (DOGE) fell by 1.19% in the past 24 hours per Data from CoinMarketCap, starting in 2025 on a downward trajectory. However, Dogecoin's declining momentum comes amid tempered expectations in the broader cryptocurrency market.
Dogecoin is in the recovery phase
Despite the decline in the price of Dogecoin, the meme coin has entered a rare recovery phase, representing a big catch to watch out for.
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As the market gains strength in the ongoing bull market, DOGE may rebound and move higher. Investors will likely wait to see the next big move before entering the market again. This perspective is reinforced by low trading volume.
Over the past 24 hours, trading volume fell by 22.8% to $1.91 billion, indicating declining investor interest. Currently, DOGE is trading at $0.3139 with a market cap of $46.27 billion.
The next crucial support for DOGE is $0.325, which will determine its next move. DOGE could see an uptrend if it breaks this key support. However, Dogecoin could fall further if it fails to move above this level.
DOGE Whales Increase Momentum
Meanwhile, Dogecoin whales ended 2024 with a huge accumulation of tokens.
According to A a report From U.Today These whale investors moved $258 million worth of DOGE in just 24 hours. According to the details of the deal, the whales transferred 466.8 million doges before transferring 350 million doges an hour later.
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In another to updateOn-chain analyst Ali Martinez noted that the whales' accumulation is at 300 million doge. This increased whale activity has ignited bullish expectations for DOGE's future movement. Furthermore, IntoTheBlock data showed that Dogecoin whale transactions jumped by more than 41% in just 24 hours, fueling the increased activity.
DOGE whale investors usually directly influence the market price of an asset. Their increased interest could indicate that Dogecoin is set to witness a breakout.
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