A well-known cryptocurrency analyst recently advised Dogecoin (DOGE/USD) traders to avoid getting too caught up in the coin itself. Instead, they should pay more attention to Bitcoin (BTC/USD).

Kevin, who shares insights and predictions about Dogecoin, said, “DOGE isn’t really in control of its own fate. Right now, it’s all about what Bitcoin does. So, focusing too much on Dogecoin might not be the best use of your time.”

He’s feeling optimistic, though. He believes that the current market cycle is likely to trend upward soon, despite some short-term fluctuations. “If you’re a long-term holder like me, just sit back and wait,” he added.

Interestingly, data from IntoTheBlock shows that Dogecoin has a price correlation of 0.77 with Bitcoin. This means that while they move somewhat together, it’s not as strong as the relationship between Bitcoin and Ethereum (ETH/USD) or Cardano (ADA/USD). However, it is stronger than the correlation with Shiba Inu (SHIB/USD).

Kevin’s comments come at a time when the cryptocurrency market is quite volatile. On Thursday, Dogecoin dropped, which followed Bitcoin’s dip below $100,000.

IntoTheBlock also reported a significant 41% increase in large transaction volumes over the past 24 hours, indicating a rise in whale activity. Long-term holders seem to be selling off their Dogecoin, as shown by a 0.88% decrease in balances held by addresses that have owned the coin for at least a year.

Additionally, Dogecoin's Open Interest, which reflects the total value locked in derivatives contracts, fell by 0.83%. The data revealed that more traders are betting on price declines than those expecting increases.

As of now, Dogecoin is trading at $0.4068, down 2.50% in the last 24 hours, according to Benzinga Pro.