Dogecoin traders wonder if the bark has any bite left

Large-holder activity in Dogecoin has declined to its lowest level in 60 days, according to data shared by cryptocurrency analyst Ali Martinez on Sunday, Nov. 30.

The number of high-value Dogecoin (DOGE) transactions dropped to four, down from a recent peak of 38, Martinez reported. The decline occurred as the token showed signs of a short-term price increase, raising questions about the sustainability of the movement.

The data indicates that major holders have reduced their transaction activity despite recent upward price momentum, according to Martinez’s analysis shared with followers.

Dogecoin is currently trading below its 200-day exponential moving average, a technical indicator often monitored by market participants.

The Relative Strength Index, a momentum indicator, has shown negative readings since a rally period that occurred between June and September ended, according to technical data.

Martinez is a cryptocurrency analyst who regularly publishes market data and technical analysis to followers on social media platforms.

Dogecoin, originally created as a parody cryptocurrency in 2013, remains among the most widely traded digital assets by market capitalization. But the token has experienced significant volatility throughout its trading history, with price movements often influenced by social media activity and large-holder transactions.

At last check Monday, the coin was down 27% over the past month.

The current decline in whale activity represents a notable shift from recent months, when large transactions reached levels nearly ten times higher than current figures, according to the data Martinez shared.