Highlights
- Dogecoin whales shuffle 324 million DOGE, stirring speculations.
- Whale transfers illustrate a sense of mixed market sentiments for Dogecoin.
- Dogecoin price slips, aligning with the token's on-chain data.
In an unforeseen turn of events, amidst a substantial downturn faced by the majority of crypto prices today, an intriguing phenomenon appears to have magnetized notable investor attention to Dogecoin, the largest meme cryptocurrency by global market cap. Intriguingly, mirroring the broader crypto market’s current trend, Dogecoin’s price witnessed a slip below $0.18 in the past 24 hours, aligning with today’s noteworthy crypto market crash. Amid this slip in price, massive whale activity, showcasing nearly 324 million DOGE shifted in the past 24 hours, gained significant traction across the global crypto realm. This promptly stirred speculations among crypto traders and investors over DOGE’s future price action.
Dogecoin Whale Transfers: What’s The Scoop?
According to insights offered by Whale Alert, a blockchain tracker, three massive whale transactions collectively shifted 324 million coins over the past day.
The first transaction illustrated 100 million DOGE, worth $17.32 million, dumped to Robinhood, an American exchange. Whereas, the second transaction showcased 150 million DOGE, worth $26.03 million, accumulated by a whale from the same exchange. Simultaneously, the third transfer disclosed 74.02 million DOGE, worth $12.58 million, shifted to Robinhood, igniting a torrent of speculative buzz among crypto market enthusiasts as these transactions portray a sense of mixed sentiments among whales for the asset.
With some whales dumping DOGE while others accumulate amid the currently-witnessed pre-halving crash, crypto market enthusiasts speculate over Dogecoin’s price action ahead. In the interim, on-chain metrics for the dog-based meme token further fell in line with its bearish turn recorded today.
Also Read: VeChain Partners with UFC to Launch Tokenized Gloves, Will VET Rally?
Dogecoin’s Price Plunges
As of writing, the Dogecoin token’s price jotted a considerable 13.24% dip in the past 24 hours and is currently resting at $0.1721. Notably, this downturn can be primarily attributed to a couple of on-chain factors, including DOGE liquidations and open interest.
Coinglass‘ data revealed that DOGE liquidations totaled a staggering $21.38 million in the past 24 hours, with $18.30 million in long positions and $13.08 million in short positions. This further underscores an increased selling pressure in the market, mirroring DOGE’s price fall. Meanwhile, the token’s open interest dropped 22.43%, adding to Dogecoin’s bearish take as investors showcased a sense of reduced interest in the asset.
This data collectively paints an unsure picture of DOGE’s price action ahead, as whales showcase a mixed sentiment, while on-chain data further stirs bearish sentiments on Dogecoin. Besides, it is also worth noting that DOGE could witness a significant upturn following the BTC halving event, as historical data illustrates that altcoins mimic BTC’s price movements post-halving.
Also Read: $925 Million Liquidate As Bitcoin Price Crashes to $65,000, Options Market Jittery
- Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes
- SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes
- Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze
- Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500
- MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?