In what comes as a bearish mover, a Dogecoin whale has raised severe market concerns by offloading nearly $140 million worth of tokens on Tuesday. Recent on-chain data indicated that 400 million DOGE was dumped into a cryptocurrency exchange, raising investor apprehensiveness amid the token’s latest price dip. As a result, market watchers are cautious regarding the meme coin’s future price action, as even the intraday price chart showed a crash of nearly 10%.
On the other hand, other top meme coins such as Shiba Inu (SHIB), PEPE, and TRUMP have also traded in the red territory, sparking market sentiments over a meme coin season end.
According to the latest data by Whale Alert, a Dogecoin whale shifted 400 million coins worth $137 million to the crypto exchange Binance. Further, per the data, the unknown wallet address DU8gPC5mh4 was registered to make the transaction.
For context, massive whale dumps to exchanges usually signal a loss of large-scale investors’ confidence in the asset. In turn, market participants remain cautious over future price movements.
The recent D.O.G.E. lawsuit against Elon Musk‘s government advisory panel has further kept market participants on their toes. CoinGape reported that a U.S. watchdog has sued the organization, alleging it violated federal transparency laws.
As a direct response, the dog-themed meme coin’s market sentiment took a hit, with crypto enthusiasts unsure of the impact of legal uncertainties. Amid this, the recent dump by the Dogecoin whale indicates the waning risk-bet appetite of the market participants.
However, it’s worth mentioning that Elon Musk’s recent ‘DOGE To Mars’ comment has sparked contrasting speculations. In light of the White House’s recent Department of Government Efficiency executive order, the current market scenario for the meme-themed asset remains unclear, given some remain cautious due to the lawsuit whilst others rejoice amid broader political developments.
Besides, DOGE price tanked 9% intraday and is currently trading at $0.3448. The meme coin’s 24-hour low and high were $0.3359 and $0.382, respectively. Notably, the waning action aligns with the abovementioned legal hurdles and increased selling pressure brought by the Dogecoin whale.
On the other hand, this massive dump has raised questions among investors surrounding a potential meme season end. Recently, top meme coins such as SHIB, PEPE, and TRUMP witnessed a considerable 5%-26% dip. Market watchers continue to monitor the sector for further price action shifts in light of the broader sector’s highly volatile nature.
Intriguingly, a recent Dogecoin price analysis by CoinGape further projects bullishness on the crypto’s long-term prospects. The coin showcases the potential for more gains, with the key resistance level to watch at $0.4837.
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