Dogecoin: Whales shift 17B DOGE as prices fall and that means…

A few metrics and technical indicators hinted at a trend reversal soon.as the memecoin witnessed a massive rise in transactions. While that happened, the memecoin’s price action turned bearish. Let’s have a closer look at what’s going on with Dogecoin.highlighting an interesting development around Dogecoin.

The tweet also mentioned that this surge indicated a significant increase in the volume of DOGE being moved by whales, as the number went up from 9.74 billion to 17.97 billion coins. Additionally, its velocity was also up, meaning that DOGE was used more often in transactions within a set timeframe.While Dogecoin whales moved a large number of coins, bears took over as the memecoin’s price dropped., DOGE was down by more than 5% in the last 24 hours. At the time of writing, Dogecoin was trading at $0.1578 with a market capitalization of over $22.7 billion.

Its weighted sentiment also declined, meaning that bearish sentiment around the memecoin was dominant in the market. Another bearish metric was the MVRV ratio, which plummeted in the last few days.had a value of 37, meaning that the market was in a “fear” phase. Whenever the metric hits this level, it indicates that the chances of a trend reversal are high.

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