In the Ever-Changing Cryptocurrency Market, XRP and DOGE Have Always Been the Focus of Attention

In the ever-changing cryptocurrency market, XRP and DOGE have always been the focus of attention.

In the ever-changing cryptocurrency market, XRP and DOGE have always been the focus of attention. XRP is highly expected for its potential in the field of cross-border payments, while DOGE has quickly become popular due to the enthusiasm of the community and the star effect. However, as the market matures and supervision is strengthened, the performance of the two cryptocurrencies has begun to diverge.

According to the latest report, XRP price is currently hovering between key price levels after a strong rise, indicating that market momentum is weakening. On the other hand, technical indicators on the 4-hour chart suggest that DOGE may be heading for a downtrend in the short term. Nevertheless, large investors, also known as whales, continue to accumulate more DOGE holdings, which could be a bullish sign for the meme coin’s future trend.

According to data from blockchain analytics firm Santiment, despite the recent price decline, whales are showing interest in accumulating more DOGE. As of August 10, the total value of DOGE held by the top 100 and 1000 wallets has increased significantly.

"It seems the hype around the meme coin is waning, but whales aren’t necessarily selling. The collective value of the top 1000 wallets' holdings is still up 40% since mid-December 2022," Santiment stated.

This stands in contrast to XRP, which has seen a decline in whale holdings. According to a report by Finbold, the average XRP holding among the top 500 wallets has decreased by 15% over the past 180 days.

The differing actions of the whales could be attributed to their varying investment strategies and risk appetites. While some whales are exiting their XRP positions, others are continuing to accumulate more DOGE, suggesting that they remain bullish on its potential.

The changing preferences of the whales could also be linked to the changing market trends. With the cryptocurrency market becoming increasingly mature and subject to greater scrutiny by regulatory bodies, investors may be seeking more stable and sustainable returns on their investments.

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