Crypto analyst Jhon Isige says the Dogecoin (DOGE) whale selling spree has extinguished the Christmas spark. Meanwhile, Cardano whales added an additional 331 million ADA after the collapse of FTX. On the other hand, the SEC continues to protect Hinman documents while the whales carry 275 Million XRP.
Dogecoin gives red signals before 2023!
Dogecoin is trading at $0.0771 at the time of writing after a five-day uptrend. However, it is battling a spike against selling pressure. cryptocoin.com As you follow, investors reacted to billionaire Elon Musk’s intention to leave Twitter as CEO. Following that, the leading meme 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 increased to retest the support at $0.0702 and $0.0573, respectively. That’s why it’s now changing hands at $0.0771.
DOGE 12 hour chartThe bulls are probably waiting for a lower-priced DOGE before pushing the price up again. Remember, despite the resistance at $0.0855, the Dogecoin outlook is quite bullish. The Moving Average Convergence Divergence (MACD) indicator recently sent a buy signal as the blue line crossed above the signal line (red). This implied that a recovery was imminent.
What could keep the Dogecoin price from the year-end rally?
It is known that large volume investors affect crypto prices positively or negatively. Prices usually 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.
Dogecoin supply distributionFrom 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. So 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 bottom 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. It has also accumulated an additional 331 million since the FTX boom. 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.
🦈 Key #Cardano sharks have been accumulating steadily since June. And they have taken this level of dip buying to a new level since the #FTX fallout in early November. Addresses holding 10k to 100k $ADA have added $83M worth of coins since November 7th. https://t.co/ispmPHym3G pic.twitter.com/zPRbi6ZON1
— Santiment (@santimentfeed) December 22, 2022
Santiment says Cardano whales have been steadily accumulating since June. Addresses holding 10,000 to 100,000 ADA have added $83 million worth of ADA since the collapse of FTX. Not only have whales been added to their bags, but the number of Cardano wallets has increased by more than 200,000 wallets. According to the latest information given by the Cardano Foundation, the total number of wallets has increased to 3.80 million. Meanwhile, at the beginning of November, this figure was around 3.63 million.
Amid Ripple lawsuit, whales carry XRP
Ripple and the SEC have petitioned to seal several documents linked to the Summary Trial motions. But the filings show the commission is still seeking to preserve vital Hinman documents.
Meanwhile, 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 largest transaction recorded by the tracker 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.
