Whales Move $30M DOGE Amid Dogecoin Price Correction

by

As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have witnessed numerous trends and fluctuations that have shaped this dynamic industry. The recent whale transfers of Dogecoin (DOGE) worth millions from Robinhood to Coinbase and unknown wallets have piqued my interest, given the historical significance such large movements often hold.

Although large amounts of whale transfers involving Dogecoin (DOGE) were made from Robinhood to Coinbase and an unidentified wallet, the cryptocurrency experienced a minor dip but still maintained its position above $0.39. Within an hour, as much as 90 million DOGE tokens, worth approximately $33.5 million, moved out of Robinhood.

Notice Board (Whale Alert) highlighted significant transactions, drawing curiosity and conjecture among investors regarding potential changes in its upcoming price trajectory.

Dogecoin Whales Move Over $30 Million

According to Whale Alert reports, two substantial transfers of Dogecoin have been made. Firstly, 58.8 million DOGE, equivalent to approximately $21.3 million, was moved to a Coinbase wallet. Secondly, another $12.5 million worth of DOGE was sent to an unidentified address.

It appears that the second wallet isn’t linked to any recognized exchange, suggesting that wealthier individuals or institutions might be accumulating Dogecoin (DOGE).

cryptocurrency experts frequently view substantial transactions from exchanges to unidentified wallets as positive signs. This could suggest that significant investors (often referred to as “whales”) are hoarding their assets for long-term storage instead of planning immediate sales. Additionally, it was reported by CoinGape that these whales acquired approximately 140 million DOGE coins within a 24-hour period.

Despite the recent optimism, the crypto market has seen a pullback, with Bitcoin slipping away from its record peak. Similarly, other digital currencies like DOGE and meme coins have succumbed to downward pressure and experienced declines as well.

Currently, Dogecoin (DOGE) has dropped by 8% and is being traded at $0.39. Its one-day trading volume decreased by 26% to reach a total of $12.2 billion. Over the past 24 hours, DOGE peaked at $0.3964. Despite this, its weekly growth remains impressive at 86%, and over the last 30 days, it has surged an astounding 188%.

A Rally To 90 Cents Despite a Short-Term Pullback?

As a crypto investor, I’ve noticed a temporary dip in Dogecoin following its retest of the 43-cent resistance level, which could indicate a double-top reversal pattern. However, according to an analyst on X Trader Tradigrade, this meme coin is still riding a long-term uptrend. The support for Dogecoin lies firmly at around 39 cents, while potential resistance may be encountered near the 90-cent mark.

As a crypto investor, I’m excited about the potential growth of Dogecoin ($DOGE). Currently, it appears to be forming another Bull Pennant pattern. If history repeats itself, as it did when the last pennant took Dogecoin from around $0.2 to $0.3, then the current one could potentially propel DOGE up to $0.9. Keep a close eye on this cryptocurrency!

— Trader Tardigrade (@TATrader_Alan) November 15, 2024

Investor interest in Elon Musk’s support and the Department of Government Efficiency (D.O.G.E) program remains high, even drawing in big players from the crypto world, often referred to as “whales.” After a steady five-week climb, Dogecoin (DOGE) has encountered resistance at approximately 43 cents, which may signal an upcoming correction or dip.

At present, this digital currency stands at an estimated $55 billion when all potential shares are taken into account. The Relative Strength Index (RSI) indicates a bearish pattern, implying there could be more downward fluctuations in the near term before any significant rise occurs.

Dogecoin has experienced a significant increase in value since the recent election of Donald Trump as president. This surge was further boosted this week by news that Trump plans to establish a new agency, the Department of Government Efficiency (D.O.G.E), which will be jointly led by one of Trump’s prominent backers, cryptocurrency advocate Elon Musk. The role of this department is to simplify government spending and remove unnecessary bureaucracy.

Following Election Day, the value of Dogecoin has more than doubled, reaching a peak not seen for three years, as traders expect a pro-cryptocurrency administration to take office. A previous lawsuit against Elon Musk, accusing him of manipulating Dogecoin’s price in 2023, was withdrawn. Investors abandoned their case after the court dismissed their claim for $258 billion in damages earlier this year.

Read More

2024-11-16 00:24