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Highlights
- About $60 million in DOGE from unknown wallets was sent to Coinbase in three separate transactions.
- Dogecoin’s price dropped 3.43% to $0.1939 after the transfers and its 24-hour trading volume fell by 26.15% which suggests that market activity slowed down.
- While DOGE shows a downward trend, technical indicators like the MACD and RSI suggest it's not yet oversold, and a high ADX points to a strong trend.
Whale Alert, a known crypto tracking account, revealed on X three large transfers involving Dogecoin. The total transfers were for 312,375,048 DOGE, worth approximately $60 million, which were done in three transfers at equal amounts.
The Whale Dogecoin Transfers to Coinbase
The coins were sent to Coinbase, a leading cryptocurrency exchange, after previously being in unknown wallets. This kind of activity often catches the eye of investors. It shows that large holders, often called “whales,” are shifting their Dogecoin around.
The first transfer was reported at 8:40 PM WAT. Within the same hour, two more identical transfers followed. Each post by Whale Alert included a link to the transaction details. Seeing such large amounts move to Coinbase might mean someone is preparing to sell their holdings.
Such whale movements are not unique to Dogecoin. Recent ecosystem trends like institutional Bitcoin acquisitions show how large holders actively reshape market dynamics.
DOGE Price Retreats 3.43% as Trading Volume Plummets
Following the transactions, Dogecoin price was experiencing some changes. A chart from CoinMarketCap showed the coin’s price at $0.1939. This represents a drop of 3.43% in just one day.
The chart also revealed a recent high of $0.2001 before the decline. Now, the price seems to be testing the $0.19 level again. For new investors, this means the price is trying to hold above $0.19. If it fails, it might drop further, but if it holds, it could rise again.
The trading volume over the last 24 hours was $1.73 billion, a sharp fall of 26.15%. This suggests lesser amounts of DOGE trades compared to the previous day.
Source: CoinMarketCap
Technicals Indicate Potential DOGE Reversal
Technical indicators available through TradingView show important information about DOGE price. The MACD displayed negative values.
The RSI is currently 32.97, just a little above the earlier one of 28.58, suggesting Dogecoin is not yet very close to oversold. There’s a chance the market will head in the other direction in the near future.
This trading session showed DOGE recording a small rise, but it is still moving downward overall. If the RSI goes up or the MACD shows green, some potential reversals might take place.
The ADX reached 43.14 which points to a strong trend in the market. Many traders look for trends when ADX crosses over 25. Thus, looking at the current ADX, a clear movement could soon take place.
Source: TradingView
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