Dogecoin Price At Risk As DOGE Whales Dump 100M Coins

A Dogecoin whale’s recent decision to offload a whopping 100 million coins has set off severe investor concerns on Thursday. The crypto whale or large-scale investor, reflected a loss of confidence in the meme-themed asset primarily attributed to the current broader market volatility. As a result, market watchers remain cautious as even the Dogecoin price lost 2% over the week, with other on-chain metrics spurring additional uncertainty.

Dogecoin Whale Transaction Signals Loss Of Market Interest

According to data from Whale Alert on February 20, a Dogecoin whale shifted 100 million DOGE, worth $25.42 million, to the crypto exchange giant Binance. Notably, the unknown address “A8tdnDg3oxG” was recorded as making the transaction.

For context, crypto whales are large-scale investors with considerable experience in the market. In light of this aspect, traders and investors keenly eye whales’ transactions to tap into emerging market trends and capitalize on every trading opportunity. Thereby, the abovementioned dump triggered market concerns surrounding the Dogecoin price’s future trajectory, underscoring the loss of market confidence in the asset’s potential.

Top Analyst Adds To Concerns With This DOGE Whale Data

Simultaneously, renowned market analyst Ali Martinez revealed that Dogecoin whale activity also remained calm amid the recent volatility, indicating that whales aren’t buying the dip. Ali revealed that these whales showcased “little to no significant buying or selling activity.”

Traders caught some relief as no significant selloffs were recorded, per the analyst, other than the one reported above. However, no massive buying remains a cause of concern as the meme coin lacks bullish support to pump ahead.

What Lies Ahead For The Dogecoin Price?

At the time of reporting, the Dogecoin price witnessed a slight 0.3% drop in value and exchanged hands at $0.2533. The top meme coin’s 24-hour low and high were $0.2504 and $0.2569, respectively. Further, the weekly chart shows a 2% drop in value, with the coin mainly consolidating. The Dogecoin whale’s massive dump amid this sluggish performance has pushed investors on their toes.

Nevertheless, with the rising bets of a DOGE ETF approval ahead, the token continues to secure a prominent spot on market watchers’ radars. CoinGape recently reported that NYSE Arca submitted a 19b-4 form to the U.S. SEC to list and trade Grayscale’s spot Dogecoin ETF. Given that the ETF is approved ahead, the market sentiment around the dog-themed meme coin could witness a paradigm shift.

Meanwhile, from a technical analysis standpoint, crypto analyst Trader Tardigrade has revealed that Dogecoin has entered the “boring phase.” In line with this, he told market participants to expect tight consolidation at the current level over the next few weeks before the massive DOGE rally.