The only expectation people had with Dogecoin price was to maintain stable support. But after oscillating around the price of $0.16 zone for the entirety of December Dogecoin price finally slipped through it as the new year began and even after a week into 2022, DOGE price doesn’t appear to be in a mood to recover anytime soon.

DOGE was stuck in kept its base at $0.168.

Firstly the market dip that occurred 48 hours ago caused the Dogecoin to flip its most critical level into resistance. The downtrend wedge DOGE price was stuck in kept its base at $0.168.

The altcoin was maintaining this support level and kept its movement restricted within the structure pattern for the latter half of the year or for more than 7 months precisely.

events that transpired on 28 December, triggered a particular cohort of DOGE holders and they made some significant movement of their Dogecoins. Whales on a single day moved around over $28.65 billion worth of Dogecoins in a day.

The concern isn’t that they suddenly became active as big whales already occupy almost 40% of all Dogecoin supply. The concern is that only the big whales were the ones who were active that day.

When you take a look at the overall trade volume process on the network that day, non-whale investors only contributed some $100 million as the trade volumes for the day stood at $28.7 billion.

It isn’t difficult to understand how big whales’ sudden movement can negatively affect the Dogecoin movement. Although it is yet to be confirmed if big whales sold or not, Traders sentiment is known to turn bearish concerning such events.

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