Dogecoin Whales Shift 324 Mln DOGE Amid Price Slip Below $0.18, What’s Next?

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Surprisingly, despite the majority of cryptocurrencies experiencing a significant decline in value today, Dogecoin, the largest meme cryptocurrency by market capitalization, has drawn considerable interest from prominent investors. Interestingly, Dogecoin’s price dropped below $0.18 within the last 24 hours, following the broader crypto market downturn. Despite this price decrease, there have been enormous transactions involving over 324 million DOGE being moved in the previous day. This sudden whale activity has sparked curiosity among crypto traders and investors regarding Dogecoin’s future price movement.

Dogecoin Whale Transfers: What’s The Scoop?

Based on information provided by Whale Alert, a monitoring tool for blockchain transactions, three large transactions moved a total of 324 million coins within the last 24 hours.

The initial transaction saw someone sell 100 million DOGE, equal to around $17.32 million, on Robinhood. Conversely, a large investor, or “whale,” bought 150 million DOGE, equivalent to approximately $26.03 million, in the second transaction. At the same time, there was another transfer of 74.02 million DOGE, worth around $12.58 million, moving to Robinhood. These transactions sparked excitement among crypto traders as they hinted at conflicting views among big investors regarding DOGE’s value.

Some whales are selling off Dogecoin while others are buying during the Dogecoin pre-halving crash, leaving crypto market watchers to ponder about the coin’s price trend. Meanwhile, on-chain indicators for the meme token align with its recent bearish shift.

Dogecoin’s Price Plunges

At the moment of composing this text, the price of Dogecoin’s token has decreased by a significant 13.24% over the last 24 hours and is now at $0.1721. This decline can mainly be explained by two key factors on the blockchain: Dogecoin holders having to sell their tokens due to market conditions (liquidations), and the current demand and supply balance in the market (open interest).

According to Coinglass’ findings, the value of DOGE liquidations reached an astounding $21.38 million over the last 24 hours. This amount included $18.30 million from long positions and $13.08 million from short positions. These figures highlight a growing trend towards selling in the market, consistent with Dogecoin’s recent price decline. Additionally, Dogecoin’s open interest saw a decrease of 22.43%, further contributing to the pessimistic outlook for this asset as investors appear less inclined to engage with it.

The collective data presents an uncertain image of DOGE‘s price trend, with whales exhibiting conflicting views and on-chain information adding to bearish feelings regarding Dogecoin. Additionally, it’s important to consider that DOGE may experience a substantial increase after the Bitcoin halving, as historical records demonstrate that altcoins often mirror Bitcoin’s price fluctuations post-halving event.

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2024-04-13 08:06