Whales Move $30M DOGE Amid Dogecoin Price Correction

Despite the significant whale transfers from Robinhood, Dogecoin (DOGE) slipped slightly but remained above $0.39. In under an hour, upwards of 90 million DOGE tokens, valued at about $33.5 million, were transferred from Robinhood to Coinbase and an unknown wallet.

Whale Alert flagged the large withdrawals, which stirred investor attention and speculation about its future price movement.

Dogecoin Whales Move Over $30 Million

Whale Alert reports indicate that two significant Dogecoin transfers have taken place. The first was the transfer of 58.8 million DOGE, worth $21.3 million, to a Coinbase wallet. Another $12.5 million worth of DOGE was forwarded to an unknown address.

The second wallet does not seem to belong to any known exchange, which could mean that individuals or institutional investors with high net worth are stockpiling DOGE.

Crypto analysts often look at large transfers from exchanges to unknown wallets as bullish. This may indicate that “whales” are securing their assets for long-term holding rather than preparing for immediate selling. Moreover, CoinGape recently reported that these whales accumulated 140 million DOGE coins in 24 hours.

Despite the recent optimism, the crypto market retreated to a pullback, and Bitcoin retreated from its all-time high. Other altcoins and meme coins, such as DOGE, were no exception and fell under downward pressure.

For now, DOGE is down 8% and trading at $0.39. Its one-day trading volume was shed by 26% and stood at $12.2 billion. Over the last 24 hours, DOGE reached a high of $0.3964. Meanwhile, the weekly increase is still as high as 86%, with DOGE soaring 188% in 30 days.

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

Dogecoin faces a short-term correction after retesting 43-cent resistance, forming a potential double-top reversal pattern. According to the analyst on X Trader Tradigrade, the meme coin remains in a long-term uptrend with robust support at 39 cents and potential resistance near 90 cents.

Elon Musk’s backing and the Department of Government Efficiency  (D.O.G.E) program continue to attract investors, including crypto whales. Following a five-week rally, Dogecoin (DOGE) has hit resistance – first, at 43 cents, triggering signs of a potential pullback.

Currently valued at $55 billion fully diluted, the coin is showing a bearish divergence on the Relative Strength Index (RSI), suggesting further short-term declines may occur before its next move upward.

Dogecoin has surged bigly since the election last week of Donald Trump. Still, it received an added push this week after news the president-elect would create a new agency called the Department of Government Agency (D.O.G.E), an agency co-led by one of Trump’s biggest supporters, crypto enthusiast Elon Musk. The new department has been tasked with streamlining government spending and eliminating fat red tape.

Since Election Day, Dogecoin has doubled in value, reaching a three-year high as traders anticipate a crypto-friendly administration. A recent class-action lawsuit against Elon Musk, alleging price manipulation of Dogecoin in 2023, has been withdrawn. Investors dropped their appeal after a court rejected their $258 billion damages claim earlier this year.