Crypto analyst Jhon Isige says the Dogecoin (DOGE) whale selling spree has extinguished the Christmas spark. In the middle, Cardano whales added an additional 331 million ADA after the collapse of FTX. On the other hand, the SEC continues to defend its Hinman paperwork as the whales carry 275M XRP.
Dogecoin gives red signals before 2023!
Dogecoin is trading at $0.0771 at the time of writing, following a five-day uptrend. However, it is struggling with a spike against selling pressure. Investors reacted to billionaire Elon Musk’s intention to leave Twitter as CEO. Subsequently, the leading chest coin came under pressure earlier this week. After Musk’s $44 billion Twitter buyout deal, Dogecoin rose to $0.1596. It also led investors to believe that DOGE would benefit greatly if it got the top positions on Twitter. Elon Musk has said he will step down to lead the developer and server teams as soon as he finds a replacement.
If Dogecoin had broken the resistance at $0.0855, along with the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the dotted downtrend, it could resume a longer-term uptrend. Still, DOGE could cross $0.1000 from where it could rally to $0.1600 if it breaks above the falling upper trendline (continuous line). Instead, Dogecoin faced an increase in selling pressure. Thus, the risk to test the reinforcement again at $0.0702 and $0.0573, respectively, increased. That’s why it’s now changing hands at $0.0771.
The bulls are probably waiting for a lower-priced DOGE before pushing the price up again. Remember, the Dogecoin outlook is highly bullish despite the resistance at $0.0855. The Moving Average Convergence Divergence (MACD) indicator has recently sent a buy signal as the blue line crossed over the signal boundary (red). This implied that a recovery was imminent.
What could keep Dogecoin price from year-end rally?
It is known that large volume investors affect crypto prices positively or negatively. Prices often go up as they buy more tokens. Naturally, the opposite is true. Therefore, the declines will likely continue when addresses holding 100,000 to 1,000,000 tokens sell 2.08% of DOGE’s total supply. This explains the 28% loss of Dogecoin price in just three weeks.
From the chart above, we see that addresses in this investment tier currently hold 17.80% of DOGE’s total supply. This rate was 19.88% on 1 December and 21.01% on 1 November. Consequently, the holding of whales continues to decline. Dogecoin price action will likely remain limited as long as this selling spree continues. Similarly, DOGE will tend to explore the rabbit hole until it finds a foothold in the middle of the crypto winter.
Whales continue to accumulate ADA
According to on-chain analytics firm Santiment, Cardano’s whale address layer currently has four billion ADA. Also, FTX has amassed an additional 331 million since its explosion. According to Santiment, addresses with 10,000 to 100,000 ADA currently have the highest percentage of supply in 1.5 years, since June 2021.
Santiment says Cardano whales have been accumulating steadily since June. Addresses holding 10,000 to 100,000 ADA have added ADA since the collapse of FTX at the cost of $83 million. Not only have whales been added to their bags, but the number of Cardano wallets has increased by more than 200,000 wallets at the same time. According to the latest information given by the Cardano Foundation, the total number of wallets has increased to 3.80 million. In the middle, this number was around 3.63 million at the beginning of November.
Amid Ripple lawsuit, whales carry XRP
Ripple and the SEC have petitioned to seal several documents associated with Summary Trial motions. But the filings show that the board is still seeking to defend vital Hinman documents.
In the middle, crypto whales are still moving millions of XRP tokens. According to WhaleAlert data, crypto whales have moved around 275 million XRP (worth around $97 million) in the last 24 hours. The biggest process the tracker recorded was the move of 150 million XRP. A whale that bought $52.1 million worth of XRP moved it from Binance to an unknown wallet.